Oyster Point Outlines Restructuring Plan With Savings Of Up To $48M In 2023

  • Oyster Point Pharma Inc OYST will implement an operating expense streamlining plan to reduce employee and non-employee expenses (up to 50 roles) across the organization. 
  • The company plans to continue to drive the launch of Tyrvaya with approximately 150-200 field-based sales resources.
  • The plan is expected to reduce operating expenses by approximately $6 million - $8 million in 2H of 2022 and approximately $40 million - $48 million in 2023. 
  • Related: FDA Approves First Nasal Spray For Dry Eye Disease From Oyster Point Pharma.
  • To reflect these strategic priorities, the company is also announcing that Daniel Lochner, its current CFO, will take on additional responsibilities now, serving in a dual role as the CFO and Chief Business Officer.
  • The company will focus its R&D efforts on OC-01 (varenicline solution) nasal spray to target stage 1 neurotrophic keratopathy and Enriched Tear Film (ETF) gene therapy to target stages 2 and 3 neurotrophic keratopathy. 
  • The company expects study results for the OLYMPIA Phase 2 clinical trial for Stage 1 Neurotrophic Keratopathy during Q4 of 2022. 
  • The company has submitted a Pre-IND meeting request to the FDA regarding the ETF Gene Therapy program and expects to hold the meeting during 2H of 2022.
  • Price Action: OYST shares closed lower by 7.16% at $4.67 on Tuesday.
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