Ocular Therapeutix (Nasdaq: OCUL) is eliminating 13% of its workforce to prioritize company resources on clinical developments for its retinal disease treatment tech.
The Bedford, Massachusetts-based company‘s board of directors approved a strategic reduction in its workforce that would eliminate 37 full-time employees. Employees affected by the layoffs are primarily in research and development and technical operations, according to an SEC filing.
Ocular Therapeutix said the layoffs are part of an initiative to prioritize its resources on the clinical development of its axitinib intravitral implant Axpaxli for wet age-related macular degeneration (wet AMD) treatment. Axpaxli is an investigational bioresorbable, hydrogel implant incorporating axitinib and anti-angiogenic properties to treat wet AMD, diabetic retinopathy and other retinal diseases.
The company expects to complete the workforce reduction and record related restructuring charges in the second quarter of fiscal 2024. It anticipates incurring total restructuring costs of approximately $1-2 million, including garden leave, severance benefits, and related costs that are expected to result in cash expenditures during Q2 and Q3 2024.
Ocular Therapeutix said it is continuing to review its business plan and the potential impact of the workforce reduction and cannot estimate additional restructuring costs.
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