10:39 AM EDT, 06/03/2024 (MT Newswires) -- Ocular Therapeutix ( OCUL ) said Monday its board has approved a reduction of 37 full-time employees, or about 13% of its workforce.

The job cuts will affect mainly the company's research and development and technical operations, Ocular said in a filing with the US Securities and Exchange Commission, adding the move is part of a project to focus resources on the clinical development of Axpaxli to treat wet age-related macular degeneration.

Ocular expects to complete the job cuts and record related charges of $1 million to $2 million in Q2.

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