South San Francisco’s Vaxgen Inc. is moving out of one of its two main buildings at Oyster Point Tech Center at the end of February 2008.
The move is being made as part of a negotiated change in its lease at the center that will save the company more than $12 million through the end of 2016, when the lease expires.
The struggling biopharmaceutical firm said in a statement that it will remain in its other building at Oyster Point, which houses its administrative offices and manufacturing facility.
“This agreement reflects our continuing emphasis on conserving our cash and reduces a significant future liability,” said Matthew Pfeffer, VaxGen’s Chief Financial Officer in the statement. "We are continuing to look for ways to conserve our cash and will further reduce our spending when and if we identify additional cost-saving measures.”