The confirmation of Robert F. Kennedy Jr. as Secretary of Health and Human Services is impacting the biotech industry, particularly in the Bay Area. Vaxart, a small biotech firm, announced a 10% workforce reduction following a stop work order on its COVID-19 vaccine trial, which was already facing funding cuts under the new administration. This decision puts Vaxart's trial—and its larger $460 million contract—into jeopardy just days after the announcement of the order, highlighting the stark shift in public health policy and its repercussions for biotech companies.
Vaxart announced layoffs after the U.S. government's work stop order on its COVID-19 vaccine trial, impacting its workforce and future viability.
New HHS Secretary Kennedy's confirmation has led to significant changes in health policies, directly affecting biotech firms like Vaxart.
Vaxart faces uncertainty as the contract for its COVID vaccine trial is under review, risking the company's future despite earlier positive data.
The stop work order signifies a shift in funding priorities under the new administration, putting numerous biotech jobs at risk.
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