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

Rhea-AI Summary

EyePoint Pharmaceuticals (EYPT) granted non-statutory stock options to new employees outside the 2023 Long-Term Incentive Plan. The options allow the purchase of up to 49,000 shares at $29.08 per share, with a ten-year term and vesting over four years. This move aims to attract and retain talent in the company.

WATERTOWN, Mass., Feb. 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 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 49,000 shares of EyePoint Pharmaceuticals common stock to five new employees. The stock options were granted on February 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 $29.08 per share, the closing price of EyePoint Pharmaceuticals’ common stock on February 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, 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, f/k/a AKB-9778, 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.

For EyePoint Pharmaceuticals:

Investors:
Christina Tartaglia
Stern IR
Direct: 212-698-8700
christina.tartaglia@sternir.com

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

FAQ

How many shares were granted to new employees by EyePoint Pharmaceuticals (EYPT)?

EyePoint Pharmaceuticals granted stock options to purchase up to an aggregate of 49,000 shares of common stock to five new employees.

What is the exercise price per share for the stock options granted by EyePoint Pharmaceuticals (EYPT)?

The exercise price for the stock options granted by EyePoint Pharmaceuticals is $29.08 per share.

How long is the term for the stock options granted by EyePoint Pharmaceuticals (EYPT)?

The stock options granted by EyePoint Pharmaceuticals have a ten-year term.

How does the vesting of the stock options granted by EyePoint Pharmaceuticals (EYPT) work?

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

Why did EyePoint Pharmaceuticals (EYPT) grant these stock options to new employees?

EyePoint Pharmaceuticals granted these stock options as inducement awards to attract and retain talent outside the 2023 Long-Term Incentive Plan.