Inovio Pharmaceuticals, a biotechnology company in Plymouth Meeting, Pa., has cut its workforce by 28 percent and axed several early-stage research and development programs to reduce annual expenses.
The biotech said its decision to cut jobs and R&D programs was to consolidate its scattered pipeline and create a more efficient organization.
Due to the cuts, the company has reduced its annual burn rate by 25 percent.
About 80 employees will be affected. The biotech will still employ 200.
"From a position of strength with a healthy balance sheet and a 200-person team, Inovio sharpened its focus to create a more efficient organization with greater financial flexibility and a longer runway," J.Joseph Kim, PhD, Inovio's president and CEO said in a news release.