EyePoint reduces staff in response to COVID-19
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EyePoint Pharmaceuticals has reorganized its operations and will downsize its workforce in the wake of the COVID-19 outbreak, according to a press release.
Reductions to the Dexycu (dexamethasone intraocular suspension 9%) sales force and supporting commercial operations make up the majority of the cuts, as cataract surgery is considered a nonessential procedure during the pandemic.
Commercial operations for Yutiq (fluocinolone acetonide intravitreal implant 0.18 mg) will continue, as noninfectious uveitis treatments are deemed essential, the release said.
The company expects to save approximately $7 million annually with the reduction in workforce, with a one-time savings of $10 million from other expenditure cancellations and deferrals.
“COVID-19-driven closures have significantly impacted our customer base, and this commercial reorganization is necessary to focus the company’s resources on continuing to serve patients who are still being treated with Yutiq and Dexycu. We have prioritized our overall spending to focus on a more targeted commercial footprint, conserve cash and to continue advancing EYP-1901, a 6-month potential treatment for wet age-related macular degeneration, toward clinical development,” Nancy Lurker, president and CEO of EyePoint Pharmaceuticals, said in the release.