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OYST - Oyster Point Pharma implementing cost-cutting plan with up to 50 jobs axed

Oyster Point Pharma Inc.
Oyster Point Pharma (NASDAQ:OYST) will implement a cost-savings plan that it says will lead to $6M-$8M in savings this year but also includes laying off up to 50 workers. The ophthalmic diseases focused biotech said it expects savings of $40M-$48M in 2023. Oyster Point said that the move will allow it to focus on commercializing Tyrvaya (varenicline) nasal spray for dry eye. In addition, R&D will focus on varenicline nasal spray for stage 1 neurotrophic keratopathy and Enriched Tear Film gene therapy for stages 2 and 3 neurotrophic keratopathy. The company also said that Chief Commercial Officer John Snisarenko will retire on July 1.

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Oyster Point Pharma implementing cost-cutting plan with up to 50 jobs axed
Stock Information
Company Name: Oyster Point Pharma Inc.
Stock Symbol: OYST
Market: NYSE
Website: oysterpointrx.com
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