The move comes shortly after the San Diego-based company announced that its ELAD cell-based liver failure treatment failed to meet its endpoints in a pivotal clinical trial and saw its stock price drop 91.3%.
Vital Therapies said it will be laying off 85 employees as of today, which is approximately 88% of the 97 employees the company claimed it had as of January 31 in its 10-K SEC filing.
The company said that it expects to pay between $2 million and $2.5 million for severance pay and expenses, with the majority of the charges hitting during the third quarter, according to an SEC filing.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.