05:00 PM EST, 12/13/2024 (MT Newswires) -- Outlook Therapeutics ( OTLK ) late Friday disclosed plans to streamline and lower expenses at the biopharmaceutical company, including a 23% workforce reduction.

The job cuts are expected to generate around $1.4 million in yearly savings for the company, it said.

Outlook also said the National Institute for Health and Care Excellence in the UK has recommended the company's Lytenava medication to treat wet age-related macular degeneration

The company also said it plans to resubmit the biologics license application for Lytenava in the US during Q1 2025 after receiving full efficacy and safety results from clinical testing expected in January.

Outlook previously had said trial data likely would not support a regulatory application for Lyteneva, but preliminary results from the current trial have indicated it improved vision in wet AMD patients with a favorable safety profile.