Outlook Therapeutics to Cut 23% of Workforce in Push for Lytenava Commercial Launch

Dow Jones12-14

By Sabela Ojea

Outlook Therapeutics said it would trim its workforce by 23% with the goal of extending its cash runway as long as possible and move forward with the commercial launch of Lytenava in the European Union and the U.K.

The biopharmaceutical company on Friday said that the layoffs follow an internal strategic review and would lead to annual savings of about $1.4 million. The company had cash and cash equivalents of $32 million as of June 30, down from $47.2 million as of March 31.

Lytenava is the subject of a centralized Marketing Authorization granted by the European Commission in the European Union and Marketing Authorization granted by the Medicines and Healthcare products Regulatory Agency in the U.K. for the treatment of wet age-related macular degeneration.

Wet AMD happens when abnormal blood vessels grow in the back of the eye and damage the macula.

The company continues to believe in the potential of Lytenava and is dedicated to advancing its regulatory and commercial efforts, Interim Chief Executive Lawrence Kenyon said.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

December 13, 2024 16:54 ET (21:54 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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