Jeffrey Nau, Oyster Point Pharma CEO

Feel­ing the heat of the bear mar­ket, eye dis­ease biotech to im­ple­ment 'ex­pense stream­lin­ing' plan and lay off 50

The com­pa­ny be­hind an FDA-ap­proved in­hal­able form of smok­ing ces­sa­tion aid Chan­tix for dry eye dis­ease is falling in line with quite a few oth­er biotechs, and bring­ing out the bud­get axe.

Oys­ter Point Phar­ma said in a re­lease that it is cut­ting up to 50 jobs, aim­ing to save $6-8 mil­lion the rest of 2022 and be­tween $40-48 mil­lion in 2023 by re­duc­ing work­force and oth­er R&D costs. The biotech al­so not­ed that its to­tal op­er­at­ing ex­pens­es next year are ex­pect­ed to drop be­low this year’s planned costs.

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