Ocular To Cut 26 Jobs Under Strategic Restructuring; Sees Charges In Q3

(RTTNews) - Ocular Therapeutix Inc. (OCUL) announced that its Board of Directors on Monday approved a strategic restructuring to eliminate approximately 19 percent of the company's workforce, aiming to enhance operations and reduce expenses. In a filing with the U. S. Securities And Exchange Commission, the company said it will eliminate 26 positions across the organization.

The company currently expects to substantially complete the restructuring and to record the restructuring charges in the third quarter of 2017.

The incurring total restructuring costs are expected to be about $1.5 million, which includes severance, benefits and related costs.

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.

Ocular shares gained 2.05 percent on Tuesday's regular trading to $6.46. In the after hours trading, shares gained 2.01 percent further to $6.59.