INOVIO Announces Corporate Reorganization, Including Workforce Reduction, To Reduce Expenses

RTTNews | 927 days ago
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).

For More Such Health News, visit rttnews.com

read more
Inovio Pharma Receives FDA Feedback On Submission Of BLA For INO-3107 To Treat RRP

Inovio Pharma Receives FDA Feedback On Submission Of BLA For INO-3107 To Treat RRP

Biotechnology company Inovio Pharmaceuticals, Inc. (INO) announced Tuesday that it has received feedback from the U.S. Food and Drug Administration (FDA) that data from its completed Phase 1/2 trial of INO-3107 for the treatment of RRP could support INOVIO's submission of a BLA for review under the FDA's accelerated approval program.
RTTNews | 479 days ago
Chicago Business Barometer Increases But Still Indicates Contraction

Chicago Business Barometer Increases But Still Indicates Contraction

MNI Indicators released a report on Friday showing its reading on Chicago-area business activity increased in the month of January but continued to indicate contraction. The report said the Chicago business barometer rose to 39.5 in January from 36.9 in December, although a reading below 50 still indicates contraction. Economists had expected the index to climb to 40.0.
RTTNews | 6h 43min ago
U.S. Consumer Price Growth Matches Estimates In December

U.S. Consumer Price Growth Matches Estimates In December

The Commerce Department released a closely watched report on Friday showing consumer prices in the U.S. increased in line with economist estimates in the month of December. The report said the personal consumption expenditures (PCE) price index rose by 0.3 percent in December after inching up by 0.1 percent in November. The increase matched expectations.
RTTNews | 6h 52min ago
Bay Street Likely To Open On Mixed Note

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note on Friday with investors reacting to the nation's GDP data, and treading cautiously ahead of the February 1 deadline for the imposition of trade duties on Canada.
RTTNews | 8h 0min ago