Brief: Inovio Pharmaceuticals Says On July 31, Committed To, Communicated A Corporate Reorganization Plan

Inovio Pharmaceuticals

01/08/2023 11:11

Aug 1 (Reuters) - Inovio Pharmaceuticals Inc  INO.O :
    * INOVIO PHARMACEUTICALS INC - ON JULY 31, COMMITTED TO AND
COMMUNICATED A CORPORATE REORGANIZATION PLAN, INCLUDING A
REDUCTION IN FORCE OF 58 EMPLOYEES
    * INOVIO PHARMACEUTICALS INC -  UNDERTAKES REORGANIZATION
PLAN,
INCLUDING A REDUCTION IN FORCE OF APPROXIMATELY 30% OF ITS
FULL-TIME EMPLOYEES
    * INOVIO PHARMACEUTICALS INC - EXPECTS TO INCUR A ONE-TIME
PRE-TAX
CHARGE OF APPROXIMATELY $2.1 MILLION IN Q3 OF 2023 RELATED TO
REDUCTION
    * INOVIO PHARMACEUTICALS INC - EXPECTS SUBSTANTIALLY ALL OF
CHARGES ASSOCIATED WITH REDUCTION TO BE INCURRED DURING QUARTER
ENDING SEPTEMBER 30, 2023
    * INOVIO PHARMACEUTICALS INC - EXPECTS THAT REDUCTION WILL
RESULT
IN ANNUAL COST SAVINGS OF ABOUT $9.9 MILLION

Further company coverage:  INO.O 

 ((Reuters.Briefs@thomsonreuters.com;))