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Ocular Therapeutix announces operational restructuring
Ocular Therapeutix will restructure its operations, resulting in approximately $11 million in annualized savings, according to a press release.
The plan, which includes personnel reductions and $14 million in one-time program deferrals, will realign capital and resources to maximize commercial opportunities for Dextenza (dexamethasone ophthalmic insert 0.4 mg).
The company will also focus on completing a phase 3 trial of Dextenza for allergic conjunctivitis, a phase 1 trial of OTX-TIC for glaucoma and ocular hypertension, and a phase 1 trial of OTX-TKI for wet age-related macular degeneration, the release said.
“We will use a portion of the savings generated to increase the size of our commercial field force to broaden our national reach and increase Dextenza promotional capabilities,” Antony Mattessich, president and CEO of Ocular Therapeutix, said in the release. “Additionally, the savings are anticipated to extend our cash runway through the end of 2020 and provide an improved financial position as we build the company for the long term.”
Costs associated with the realignment are expected to be approximately $0.7 million, which will be recorded in the fourth quarter of this year.