By Kailyn Rhone
Eyenovia said Friday it plans to cut half of its workforce after results from a Phase 3 study missed their primary endpoint.
The pharmaceutical company had 57 full-time employees as of March 15. There were no part-time employees. Eyenovia also engages with various consultants and contractors.
The study evaluated the effectiveness of the company's proprietary drug-device combination of low-dose atropine in the Eyenovia's Optejet dispensing platform as a potential treatment for pediatric progressive myopia. The trial failed to meet its goal of a less than 0.5 diopter progression in visual acuity over three years.
Chief Executive Michael Rowe said the company plans to terminate the study and review the data.
Eyenovia said it's considering a variety of measures to maximize stakeholder value and reduce expenses. It will also evaluate its strategic options including a possible business combination, reverse merger, asset sales or some combination of those alternatives.
The New York-based company expects to incur around $200,000 in costs related to severance, benefits and termination expenses. Final costs may change differ depending on unforeseen circumstances during the transition.
Eyenovia didn't disclose when it would complete the workforce reduction, and said remaining staff will focus on its dry eye collaborations and clobetasol commercialization.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 15, 2024 18:20 ET (23:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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