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news.Stressgen Biotechnologies has reduced its workforce by 33% to 27 permanent staff in a continuing effort to lower its operating costs and realign its resources to permit the development of HspE7, the company's lead compound.
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The company has announced that it will eliminate the positions of senior vice president of clinical development and the vice president of regulatory affairs and compliance. Although, the company will continue to work with the individuals currently holding these and other affected positions to the extent required.
While these developments are insufficient to fund Stressgen’s current business plan, the company says that it will continue to work to secure other options to continue its operations.
“Our first priority at Stressgen is the continued development of HspE7, and this initiative is designed to facilitate the progress of this compound,” commented Gregory McKee, president and CEO of Stressgen.
HspE7 is a novel CoVal fusion therapeutic vaccine designed for the treatment of diseases caused by the human papillomavirus, one of the most common causes of sexually transmitted diseases in the world.