Novavax restructuring

Novavax will reduce headcount by 164 (30%) to about 372 and will focus on its ongoing Phase III Prepare trial to vaccinate infants against respiratory syncytial virus (RSV) via maternal immunization. Last quarter, the Phase III Resolve trial evaluating a single dose of the vaccine without an adjuvant in older adults missed its primary endpoint. The company expects the cuts, which will come primarily from those involved in the commercialization and "pre-commercialization" of the vaccine in older adults, to save $70-$100 million annually. The company plans to start a Phase II trial of a two-dose regimen of the vaccine with or without aluminum phosphate or Novavax's Matrix-M adjuvant in older adults in 1Q17 and a Phase I trial of a Zika vaccine in 1Q17, pending results from ongoing preclinical trials (see BioCentury, Sept. 26). ...