EyePoint Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) has granted non-statutory stock options to nine new employees as inducement awards outside its 2023 Long-Term Incentive Plan. The company, focused on developing therapeutics for serious retinal diseases, issued options to purchase up to 57,700 shares of common stock on July 15, 2024. These grants, approved by the Compensation Committee, have an exercise price of $10.54 per share, matching the closing price on the grant date. The options have a ten-year term and vest over four years, with 25% vesting on the first anniversary and the remainder in equal monthly installments over the following three years, subject to continued employment.

Positive

• Attracting new talent with stock options as inducement awards
• Aligning employee interests with shareholders through equity compensation

Negative

• Potential dilution of existing shareholders' ownership due to new stock options

WATERTOWN, Mass., July 16, 2024 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed to developing and commercializing therapeutics to help improve the lives of patients with serious retinal diseases, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

The Company granted stock options to purchase up to an aggregate of 57,700 shares of EyePoint Pharmaceuticals common stock to nine new employees. The stock options were granted on July 15, 2024. The grants were approved by the Compensation Committee and made as an inducement material to each employee entering into employment with EyePoint Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards have an exercise price of $10.54 per share, the closing price of EyePoint Pharmaceuticals’ common stock on July 15, 2024. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s date of grant and the remainder vesting in equal monthly installments over the following three years. Vesting of the options is subject to the employee’s continued service with EyePoint Pharmaceuticals through the applicable vesting dates.

About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals (Nasdaq: EYPT) is a clinical-stage biopharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious retinal diseases. The Company's pipeline leverages its proprietary bioerodible Durasert E™ technology for sustained intraocular drug delivery. The Company’s lead product candidate, DURAVYU (previously known as EYP-1901), is an investigational sustained delivery treatment for VEGF-mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with Durasert E™. Pipeline programs include EYP-2301, a promising TIE-2 agonist, razuprotafib, formulated in Durasert E™ to potentially improve outcomes in serious retinal diseases. The proven Durasert^® drug delivery technology has been safely administered to thousands of patient eyes across four U.S. FDA approved products. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts.

Vorolanib is licensed to EyePoint exclusively by Equinox Sciences, a Betta Pharmaceuticals affiliate, for the localized treatment of all ophthalmic diseases outside of China, Macao, Hong Kong and Taiwan.

DURAVYU™ has been conditionally accepted by the FDA as the proprietary name for EYP-1901. DURAVYU is an investigational product; it has not been approved by the FDA. FDA approval and the timeline for potential approval is uncertain.

For EyePoint Pharmaceuticals:

Investors:
Christina Tartaglia
Precision AQ (formerly Stern IR)
Direct: 212-698-8700
christina.tartaglia@precisionaq.com

Media Contact:
Amy Phillips
Green Room Communications
Direct: 412-327-9499
aphillips@greenroompr.com

FAQ

How many new employees received stock options from EyePoint Pharmaceuticals (EYPT) on July 15, 2024?

EyePoint Pharmaceuticals (EYPT) granted stock options to nine new employees on July 15, 2024.

What is the exercise price of the stock options granted by EyePoint Pharmaceuticals (EYPT) on July 15, 2024?

The exercise price of the stock options granted by EyePoint Pharmaceuticals (EYPT) on July 15, 2024, is $10.54 per share.

How many shares of EyePoint Pharmaceuticals (EYPT) common stock can be purchased with the granted stock options?

The stock options granted by EyePoint Pharmaceuticals (EYPT) allow for the purchase of up to an aggregate of 57,700 shares of common stock.

What is the vesting schedule for the stock options granted by EyePoint Pharmaceuticals (EYPT) on July 15, 2024?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder in equal monthly installments over the following three years.