VaxGen cuts staff, CEO resigns

VaxGen announced that it is laying off more than half its work force and that its CEO resigned, following the loss last month of its $877.5 million contract to supply anthrax vaccine to the U.S. government. The biotech says it replaced outgoing CEO Lance Gordon with James Panek and has hired an investment bank to help explore possible mergers or other business deals.

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San Jose Mercury News (Calif.) (free registration)

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