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NewLink Genetics Restructures and Refocuses

NewLink Genetics

Ames-based NewLink Genetics is continuing to shed employees as it works to bring a cancer-fighting drug to market. The latest round of layoffs includes a couple of members from its management team.

For the third summer in a row, NewLink is announcing a reduction in its workforce. One of the employees departing the company is executive vice president and chief financial officer Jack Henneman, who plans to retire.

“All told, we are reducing our head count by approximately 30 percent," he says. "As part of that alignment, I will be leaving NewLink in November confident that the team we have now is the right one for the company.”

Also gone from NewLink is chief commercial officer Brian Wiley.

During a conference call to report a second quarter net loss of $17.3 million, NewLink CEO Charles Link says the moves were needed to cut future expenses.

“NewLink Genetics felt it prudent to undertake an extensive review of its clinical programs and its organization to determine the best path to produce validating data within its financial horizon,” he says.

The company had more than 200 employees two years ago when it laid off 87 people. Last year, another 39 were let go.