Company operating expenses reduced to focus on continued advancement
of pipeline assets
BEDFORD, Mass.--(BUSINESS WIRE)--Aug. 1, 2017--
Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company
focused on the development, manufacturing and commercialization of
innovative therapies for diseases and conditions of the eye, today
announced that in line with the Company’s strategic plan and growth
objectives announced in June 2017, Antony Mattessich has assumed the
role of Chief Executive Officer, effective immediately. Former CEO Dr.
Amar Sawhney has transitioned to Executive Chairman of the Board, also
as planned, and will continue to devote substantial business time to the
Company.
Mr. Mattessich brings a wealth of experience to Ocular Therapeutix,
having most recently served as CEO of Mundipharma International, a
developer and commercializer of products in pain, inflammation, cancer,
and respiratory diseases for patients around the world. Mr. Mattessich
also held leadership roles at a number of global pharmaceutical
companies across the US, Europe and Asia, including at Novartis, BristolMeyers Squibb and Merck & Co.
In addition, Ocular Therapeutix is announcing that it expects to realize
savings in operating expenses, including personnel costs, as result of
streamlining headcount by approximately 19%, as part of an initiative to
enhance operations and reduce expenses. In conjunction with this
initiative, Andy Hurley, Chief Commercial Officer, will be leaving the
Company. With these anticipated cost savings and based on the Company’s
current plans and forecasted expenses, the Company 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.
These cost savings will enable Ocular Therapeutix to focus its efforts
on advancing its pipeline, including DEXTENZA™ (dexamethasone insert)
0.4mg for the treatment of ocular pain and inflammation following
ophthalmic surgery, OTX-TP (travoprost insert) and OTX-TIC (glaucoma
injection) for the treatment of glaucoma and ocular hypertension, as
well as extended release intravitreal depots for the treatment of
serious retinal diseases. The extended release intravitreal depot
efforts include both the Company’s collaboration with Regeneron for an
extended release formulation of Regeneron’s aflibercept and the
Company’s internal tyrosine kinase inhibitor program, OTX-TKI. These
cost savings will also enable the Company to explore additional
potential development opportunities either alone or in partnership.
“I am excited to begin my role as CEO of Ocular Therapeutix at such an
important juncture for the Company,” said Antony Mattessich, Chief
Executive Officer. “As I begin my tenure, I would like to reiterate that
we remain committed to DEXTENZA, while we also focus our efforts on the
development of the entire breadth of innovative drug product solutions
that the team has built under Amar’s guidance.”
“We remain excited about the opportunities for our diversified pipeline
programs, which we believe have the potential to improve the standard of
care across a multitude of ophthalmic indications,” said Amar Sawhney,
Ph.D., Executive Chairman. “We are very pleased to welcome Antony as CEO
and are confident in his proven abilities to build, manage and grow
pharmaceutical organizations into successful companies and brands. As
Executive Chairman of the Board, I will continue to provide Ocular
Therapeutix with my time and expertise to facilitate the transition as
the Company executes on its business plan. In addition, the Board and I
would like to express our sincere thanks to Andy for his strategic
leadership and operational acumen over the past year. We wish him the
best of luck in his future endeavors.”
Ocular Therapeutix intends to provide a corporate update, including an
overview of its development programs, in conjunction with the Company’s
release of its financial results for the second quarter ended June 30,
2017, expected on August 8, 2017.
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc.
is a biopharmaceutical company focused on the development, manufacturing
and commercialization of innovative therapies for diseases and
conditions of the eye using its proprietary hydrogel platform
technology. Ocular Therapeutix’s lead product candidate, DEXTENZA™
(dexamethasone insert) 0.4 mg for intracanalicular use has completed
Phase 3 clinical development for the treatment of ocular pain and
inflammation following ophthalmic surgery. OTX-TP (travoprost insert) is
in Phase 3 clinical development for glaucoma and ocular hypertension.
Ocular Therapeutix is also evaluating injectable drug delivery depots
for back-of-the-eye diseases. Ocular Therapeutix's first product,
ReSure® Sealant, is FDA-approved to seal corneal incisions following
cataract surgery.
Forward Looking Statements
Any statements in this press
release about future expectations, plans and prospects for the Company
including the development and regulatory status of the Company’s product
candidates, such as the Company’s expectations and plans regarding
anticipated cost savings in connection with the reduction in headcount,
the sufficiency of the Company’s cash resources, product development
efforts and regulatory submissions for and the timing and conduct of
clinical trials of DEXTENZA for the treatment of post-surgical ocular
inflammation and pain and OTX-TP for the treatment of glaucoma and
ocular hypertension, the ongoing development of the Company’s sustained
release intravitreal depot technology, the potential utility of any of
the Company’s product candidates, potential commercialization of the
Company’s product candidates, and other statements containing the words
"anticipate," "believe," "estimate," "expect," "intend", "goal," "may",
"might," "plan," "predict," "project," "target," "potential," "will,"
"would," "could," "should," "continue," and similar expressions,
constitute forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements as a
result of various important factors. Such forward-looking statements
involve substantial risks and uncertainties that could cause the
Company’s clinical development programs, future results, performance or
achievements to differ significantly from those expressed or implied by
the forward-looking statements. Such risks and uncertainties include,
among others, those related to the timing and costs involved in
commercializing ReSure® Sealant or any product candidate that receives
regulatory approval, the initiation and conduct of clinical trials,
availability of data from clinical trials and expectations for
regulatory submissions and approvals, the Company’s manufacturing
operations, the Company’s scientific approach and general development
progress, the availability or commercial potential of the Company’s
product candidates, the availability of cash resources and need for
additional financing or other actions and other factors discussed in the
“Risk Factors” section contained in the Company’s quarterly and annual
reports on file with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press release
represent the Company’s views as of the date of this release. The
Company anticipates that subsequent events and developments will cause
the Company’s views to change. However, while the Company may elect to
update these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the
Company’s views as of any date subsequent to the date of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170801006587/en/
Source: Ocular Therapeutix, Inc.
Investors
Burns McClellan
Steve Klass, 212-213-0006
sklass@burnsmc.com
or
Ocular
Therapeutix
George Migausky
Interim Chief Financial Officer
gmigausky@ocutx.com
or
Media
Ocular
Therapeutix
Scott Corning
Vice President of Marketing &
Commercial Operations
scorning@ocutx.com
