Inovio Pharmaceuticals in Plymouth Meeting continues to trim its workforce. In this third round of layoffs in 13 months, the pharmaceutical company eliminated 30% of its full-time staff, writes John George for Philadelphia Business Journal.

Inovio said in documents filed with the Securities and Exchange Commission that this is all part of an ongoing corporate reorganization plan.

It expects to have to pay a one-time pre-tax charge of about $2.1 million in the third quarter of 2023 in relation to the staff reduction to pay for severance payments, continued health care benefits, and outplacement services.

Even with this cost, the company will save about $9.9 million each year with a trimmer workforce.

Inovio’s staff reductions began last summer when it cut almost 60 jobs. The need to reorganize the company came after failed attempts to develop a COVID-19 vaccine or booster.

Read more about the company’s restructuring at Philadelphia Business Journal.

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