Business & Tech
Report: Local Biotech Board Votes To Dissolve Company
After cutting nearly one-third of its workforce in September, GenVec's board voted to liquidate and dissolve the company.
A Gaithersburg biotech firm may be going under.
The board of voted to liquidate and dissolve the company, The Washington Business Journal reported.
The struggling company reported losses for 2012 of $14.1 million, almost twice the amount from the year before, according to the report. As of Feb. 28, the company had reported 45 employees and leased 42,900 square feet on West Watkins Mill Road.
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The board vote came Friday and is subject to stockholder approval. If shareholders approve the plan, executives will file a certificate of dissolution with the Delaware Secretary of State’s office, liquidate assets and distribute any liquidation proceeds to the company’s stockholders.
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In an effort to lower its operating costs to conserve capital, GenVec eliminated 23 positions (30 percent of its workforce) in September, Patch reported.
Read more on The Washington Business Journal and The Gazette.
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