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news.Vyteris, with approval from its board of directors, has redirected its business to focus on the development of peptide delivery using its Smart Patch technology.
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The company will de-emphasize its marketing efforts related to its LidoSite product. As a result, the company will immediately reduce its workforce by approximately 32 employees that were solely or partially dedicated to LidoSite. This reduction in force, as well as reductions in variable spending related to LidoSite, is expected to reduce the company’s ongoing working capital needs and monthly cash burn while allowing investment into peptide product delivery and development opportunities.
Despite the de-emphasis on LidoSite, the company will continue to support LidoSite at the more streamlined level to maintain availability of the product at the current level of demand.