OCULAR THERAPEUTIX,INC. (NASDAQ:OCUL) Files An 8-K Costs Associated with Exit or Disposal Activities

ME Staff 8-k
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OCULAR THERAPEUTIX,INC. (NASDAQ:OCUL) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities.

On July31, 2017, the Board of Directors (the “Board”) of Ocular Therapeutix,Inc. (the “Company” or “Ocular Therapeutix”) approved a strategic restructuring to eliminate a portion of the Company’s workforce as part of an initiative to enhance operations and reduce expenses.

As part of this strategic restructuring, the Company will eliminate 26 positions across the organization, representing approximately nineteen (19) percent of the Company’s workforce. The Company currently expects to substantially complete the restructuring and to record the restructuring charges in the third quarter of 2017. The Company currently anticipates incurring total restructuring costs of approximately $1.5 million, which includes severance, benefits and related costs. Of the approximately $1.5 million in severance, benefits and related costs, the Company expects that approximately $0.9 million would be paid during the three months ended September30, 2017, approximately $0.4 million would be paid during the three months ended December31, 2017, and the remaining approximately $0.2 million would be paid during 2018. The Company is continuing to review the potential impact of the restructuring and is unable to estimate any additional restructuring costs or charges at this time. If the Company subsequently determines that it will incur additional significant costs and restructuring charges, it will amend this Current Report on Form8-K to disclose such information.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed, the Company entered into an employment agreement with Antony C. Mattessich on June20, 2017, providing for Mr.Mattessich to serve as President and Chief Executive Officer of the Company, effective as of September18, 2017 or such other date on or prior to September30, 2017 as would be mutually agreed by the Company and Mr.Mattessich.

On July26, 2017, Mr.Mattessich commenced his employment as President and Chief Executive Officer of the Company, and Amarpreet Sawhney transitioned to Executive Chairman of the Company’s Board.

Cautionary Note on Forward-Looking Statements

Any statements in this Current Report on Form8-K about future expectations, plans and prospects for the Company, including statements about the expected cost of the Company’s strategic restructuring, the timing and completion of the restructuring, the Company’s strategy and future operations, 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 the Company’s strategic restructuring, the commercialization of 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 Current Report on Form8-K represent the Company’s views as of the date hereof. 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 hereof.


About OCULAR THERAPEUTIX,INC. (NASDAQ:OCUL)

Ocular Therapeutix, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapies for diseases and conditions of the eye using its hydrogel platform technology. The Company’s bioresorbable hydrogel based product candidates are designed to provide sustained delivery of therapeutic agents to the eye. Its hydrogel is a bioresorbable formulation of polyethylene glycol (PEG), which when constituted with water takes on a gelatinous consistency. The Company’s product pipeline includes marketed candidate ReSure Sealant and products under development, such as OTX-DP, OTX-TP, OTX-MP and anti-VEGF hydrogel depot. The Company’s lead product candidates are OTX-DP and OTX-TP. The OTX-DP product candidate incorporates the corticosteroid dexamethasone as an active pharmaceutical ingredient in its punctum plug. The OTX-TP product candidate incorporates the prostaglandin analog travoprost as an active pharmaceutical ingredient in its punctum plug.