VBI Vaccines to focus on hep B treatments, conduct 1-for-30 reverse stock split

VBI Vaccines Inc. (VBIV) said Tuesday it is planning to focus its efforts on hepatitis B, as part of a reorganization that will see it cut operating costs and headcount by 30% to 35% and conduct a reverse stock split. Cambridge, Mass.-based VBI said it will effect a 1-for-30 reverse stock split that will see it trade on a split-adjusted basis on April 12. "Today's announcement is part of a focused effort to enable us to achieve our corporate objectives and continue to contribute meaningfully to this fight against hepatitis B," Chief Executive Jeff Baxter said in a statement. The company will start cutting jobs in April and expects to complete it by the end of June. The company's finance chief Christopher McNulty will resign effective April 10. He will be replaced by Nell Beattie, who is currently chief business officer. The stock was halted premarket for the news.

-Ciara Linnane

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04-04-23 0815ET

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