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.
Steve MacMillan took over as CEO of Hologic in 2013, drawing on his experience at medtech titans like Stryker and Johnson & Johnson. Since then, Hologic has grown into a $3 billion business.
At DeviceTalks Boston, MacMillan will provide exclusive insights into the Massachusetts-based company and its evolving definition of women's healthcare. You don't want to miss it!
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