The San Diego, Calif.-based company’s move reduced the total number of authorized shares of its common stock from 95 million t0 9.5 million, according to regulatory filings.
TEAR shares were trading at $5.30 in mid-morning activity today, down -7.7%.
Earlier this month, the company touted commercialization milestones for its Osmolarity System, which provides data to support the diagnosis and management of patients with dry eye disease.
The company said it won approval in the Republic of Korea by the Ministry of Health and Welfare and that it expects to begin commercialization in the 1st quarter of this year with its partner, Wooree Technologies. TearLab also submitted a regulatory filing for the device’s approval in Brazil and said it anticipates approval in the 4th quarter of this year.
The company also launched its system in India with its partner, My HealthSkape.
“We are pleased to complete these major milestones for TearLab’s international business as we continue to increase our global footprint in key strategic markets,” CEO Seph Jensen said in prepared remarks. “Due to their size and growing dry eye populations, these three markets represent significant opportunity for us to expand our business and continue toward our goal of making osmolarity testing a global standard of care in diagnosing dry eye disease.”
In February last year, TearLab underwent a strategic restructuring that resulted in the loss of 54 employees as the company pursued positive cash flow.
The reorganization cost the company $300,000, according to TearLab, but was expected to save the company $9.4 million compared to its full year 2015.
Earlier that month, TearLab said it would wind down its majority owned subsidiary OcuHub, expecting another $3.5 million reduction in operating expenses for the year.