VaxGen, Inc. announced that three of its senior executives would be leaving the company to pursue the formation of a not-for-profit foundation for the advancement of HIV vaccine research and development. VaxGen was formed in 1995 to develop an HIV vaccine but has more recently shifted its focus to other biologic products, particularly biodefense vaccines.
Donald Francis, MD, DSc, president, and Phillip Berman, PhD, senior vice president of R&D, will leave the company as of February 1 2004. Francis and Berman are also stepping down from the company's board of directors. Both will remain as consultants to the company.
Carter Lee, senior vice president, Finance and Administration, will join Francis and Berman in pursuing the HIV vaccine foundation but will stay with VaxGen long enough to oversee the preparation of the company's 2003 financial statements and to provide an orderly transition for an incoming chief financial officer.
A search for replacements for Berman and Lee is underway.
"The departures of Don, Phil and Carter are in keeping with their commitments to develop an HIV vaccine and reflect the evolution of VaxGen from an HIV vaccine company to one with a broader product portfolio and focus," said Lance Gordon, PhD, chief executive officer. "All of them made significant contributions to VaxGen and leave the company with our blessing and hopes for continued success."
Separately, VaxGen announced that David W. Beier, a member of the company's board of directors since November 2001, has resigned. Beier was required to relinquish his position with VaxGen after recently accepting the position of senior vice president, Global Government Affairs, with Amgen, Inc. VaxGen is undertaking a search for his replacement.