Inovio axes staff, chops R&D programs in chase for elusive commercial win — though there's still a lot on their plate
Rallying around its late-stage HPV projects, Inovio Pharmaceuticals $INO is slashing 28% of its workforce — around 80 staffers — and axing several early-stage programs to bring its burn rate down by 25%.
The Plymouth Meeting, PA-based biotech insists that the sole motive is to consolidate its scattered pipeline, creating “a more efficient organization with greater financial flexibility and a longer runway,” according to CEO Joseph Kim. While Inovio ended the first quarter with $128.0 million in cash and cash equivalents, though, its stock has tumbled 28% since the beginning of the year to $3. It’s fallen another 13% pre-market.
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