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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