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.

The cost-cutting measures include an executive shakeup, with the retirement of chief commercial officer John Snisarenko effective Friday and CFO Daniel Lochner now handling CBO duties. Oyster Point has promoted VP of sales and commercial operations Michael Campbell to SVP, head of commercial.

An outfit out of New Jersey, Oyster Point announced the company’s newest development Tuesday as its share price…
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