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Ocular Therapeutix names CEO, reduces workforce

Ocular Therapeutix Inc. named Antony Mattessich to be CEO, effective Aug. 1.

Mattessich was most recently CEO of drug manufacturer Mundipharma International Ltd.

Former CEO Amar Sawhney has transitioned to executive chairman, as announced in June.

Ocular Therapeutix also said it expects to realize savings in operating expenses, including personnel costs, as result of streamlining headcount by about 19%, or 26 positions, as part of an initiative to enhance operations and reduce expenses.

Andy Hurley, chief commercial officer, is leaving the company as part of the initiative.

Ocular Therapeutix anticipates restructuring costs to total about $1.5 million, including severance, benefits and related costs. Of the total, $900,000 would be paid during the quarter ending Sept. 30, $400,000 would be paid during the quarter ending Dec. 31, and $200,000 would be paid during in 2018.

The cost savings will enable the company to focus on advancing its pipeline, including eye pain drug Dextenza, which was recently rejected by the U.S. Food and Drug Administration.

With these anticipated cost savings and based on the current plans and forecast expenses, Ocular Therapeutix believes that existing cash and cash equivalents and marketable securities will fund operating expenses, debt service obligations and capital expenditure requirements through the third quarter of 2018.