Plymouth Meeting Biopharma Co. Turns Focus Inward to Heal Itself by Cutting Costs

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Image via Dr. Jacqueline Shea at Inovio.
Dr. Jacqueline Shea, new CEO of Inovio Pharmaceuticals.

Plymouth Meeting biopharma firm Inovio, working to cure its own ills, is undergoing a reorg. The multiple measures it is taking under new CEO Dr. Jacqueline Shea are designed to bolster its cash position into 3Q2024, as John George reported in the Philadelphia Business Journal.

Internal changes started last month, with the removal of CEO J. Joseph Kim. His replacement, Dr. Shea, moved up from the company’s COO slot, a position she held since 2019.

Additional measures at improving the bottom line include an 18 percent reduction in workforce, a reduction in the use of outside contractors, and a 30 percent tamp down of operating expenses. As well, a one-time restructuring charge of about $1.6 million is scheduled for the fall.

“The organizational adjustments we’ve announced underpin our strategy to realize the promise of DNA medicines and better position Inovio for future growth,” said Dr. Shea.

Inovio spent much of the past two years developing a COVID-19 vaccine that ultimately could not obtain FDA approval.

Its leaders now see a way forward in developing an additional COVID booster and DNA-based vaccines for human papillomavirus (HPV) infections.

Shea said that Inovio also intends to prioritize approval processes for potential therapies for cancer and infectious diseases.

More on Inovio CEO Dr. Jacqueline Shea and her efforts in shoring up the company is at the Philadelphia Business Journal.

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