INOVIO Announces Corporate Reorganization, Including Workforce Reduction, To Reduce Expenses
(RTTNews) - Biotechnology company INOVIO (INO) announced Tuesday that it has implemented a corporate reorganization designed to extend its cash runway and to focus on key clinical programs with the goal to drive long-term growth.
The reorganization, which includes an 18% workforce reduction in full-time employees and 86% reduction in contractors, along with other cost-saving measures, is expected to reduce operating expenses by approximately 30% over the next 18 months and will extend the Company's cash runway into the third quarter of 2024.
INOVIO expects a one-time restructuring charge of approximately $1.6 million in the third quarter of 2022.
This reorganization is aligned with the previously announced strategic changes for the INO-4800 development program to focus on the heterologous boost indication, as well as the development path and timeline for VGX-3100, a product candidate for treating HPV-associated cervical high-grade squamous intraepithelial lesions (HSIL).
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