GenVec (GNVC) Cuts 30% of Workforce
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GenVec, Inc. (Nasdaq: GNVC) announced today that it is lowering its operating costs to conserve capital including eliminating 23 positions, or approximately 30% of its workforce.
GenVec ended the second quarter of 2012 with approximately $20.9 million in cash, cash equivalents, and short term investments. Approximately $0.66 million of expenses are expected to be incurred in the third quarter of 2012 due to the costs of reducing GenVec's workforce.
GenVec ended the second quarter of 2012 with approximately $20.9 million in cash, cash equivalents, and short term investments. Approximately $0.66 million of expenses are expected to be incurred in the third quarter of 2012 due to the costs of reducing GenVec's workforce.
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