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ElectroCore to reduce workforce in cost reduction plan

ElectroCore Inc. is reducing its workforce to 55 from 91 employees as part of a redeployment and expense reduction plan.

Under its strategy, the bioelectronics medicine company will downsize its clinical development program and delay several planned studies. Instead, the company will focus on opportunities to broaden the approved indications for its gammaCore products.

ElectroCore's gammaCore is a U.S. Food and Drug Administration-cleared nondrug treatment for adults with migraine or cluster headache pain.

The right-sizing will also affect electroCore's field sales force and clinical operations as the company reallocates its resources on high-value geographic and other sales territories in which the current prescriber base and regional payer coverage are most concentrated.

Basking Ridge, N.J.-based electroCore will fully implement the broad-based redeployment and expense reduction plan by the end of the second quarter.

Based on electroCore's current cash resources and cash flow projections, together with the expected savings from its redeployment and cost-reduction plan, the company believes it will have adequate resources to fund its operations into the beginning of 2021.