On January 1, 2024, AlloVir Board Approved Reduction Its Workforce By Approximately 95% Of Current Employee Base To Reduce Costs And Preserve Capital - Filing

Author: Benzinga Newsdesk | January 04, 2024 06:27pm

The move follows AlloVir’s announcement on December 22, 2023 that it is discontinuing its three global Phase 3 posoleucel studies. This workforce reduction will take place primarily during the first quarter of 2024 and expects to be substantially completed by April 15, 2024. As a result of these actions, AlloVir expects to incur personnel-related restructuring charges of approximately $13 million in connection with one-time employee termination cash expenditures, including severance and other benefits, which are expected to be substantially incurred in the first quarter of 2024.

Posted In: ALVR