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

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) announced the grant of non-statutory stock options to four new employees as inducement awards, in compliance with NASDAQ Listing Rule 5635(c)(4). On May 13, 2022, the company granted options for a total of 30,500 shares at an exercise price of $9.89 per share, the closing price on that date. These options have a ten-year term and vest over four years. EyePoint is focused on developing therapeutics for serious eye disorders, utilizing its Durasert® technology for sustained drug delivery, including the investigational treatment EYP-1901.

Positive

• Granting of 30,500 stock options may enhance employee retention and motivation.
• Stock options granted at closing price may align employee interests with shareholder value.

Negative

• None.

WATERTOWN, Mass., May 16, 2022 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a pharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside the Company’s 2016 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 30,500 shares of EyePoint Pharmaceuticals common stock to four new employees. The stock options were granted on May 13, 2022. 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 $9.89 per share, the closing price of EyePoint Pharmaceuticals’ common stock on May 13, 2022. 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 pharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders. The Company's pipeline leverages its proprietary Durasert® technology for sustained intraocular drug delivery including EYP-1901, an investigational sustained delivery intravitreal anti-VEGF treatment initially targeting wet age-related macular degeneration. The proven Durasert drug delivery platform has been safely administered to thousands of patients' eyes across four U.S. FDA approved products, including YUTIQ® for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye, which is currently marketed by the Company. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts.

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

What stock options were granted by EyePoint Pharmaceuticals on May 13, 2022?

EyePoint Pharmaceuticals granted stock options to purchase 30,500 shares at an exercise price of $9.89 per share.

Why did EyePoint Pharmaceuticals grant non-statutory stock options?

The stock options were granted as inducement awards outside the Company’s 2016 Long-Term Incentive Plan.

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

The options have a ten-year term and vest over four years.

What is the benefit of the stock options granted by EyePoint Pharmaceuticals?

The stock options aim to motivate and retain new employees, aligning their interests with the company's performance.