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

Rhea-AI Summary

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) announced on February 16, 2023, the granting of non-statutory stock options to two new employees as inducement awards outside the Company’s 2016 Long-Term Incentive Plan, in compliance with NASDAQ Listing Rule 5635(c)(4). A total of 6,000 stock options were issued at an exercise price of $3.70 per share, equal to the closing price on the grant date. The options will vest over four years, with 25% vesting on the first anniversary and the remainder in monthly installments. The company is focused on therapeutics for serious eye disorders, leveraging its Durasert® technology.

Positive

• Granted stock options to new employees, potentially enhancing talent acquisition.
• Stock options align employee interests with shareholder value through performance-based incentives.

Negative

• None.

WATERTOWN, Mass., Feb. 16, 2023 (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 6,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The stock options were granted on February 15, 2023. 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 $3.70 per share, the closing price of EyePoint Pharmaceuticals’ common stock on February 15, 2023. 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 treatment currently in Phase 2 clinical trials. 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 posterior segment uveitis, which is currently marketed by the Company. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts.

For EyePoint Pharmaceuticals:

Investors:
Anne Marie Fields
Stern IR
Direct: 332-213-1956
annemarie.fields@sternir.com

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

FAQ

What is the significance of the stock options granted by EyePoint Pharmaceuticals on February 15, 2023?

The stock options granted serve as inducement awards to attract new talent, aligning their interests with shareholders.

How many stock options were granted by EyePoint Pharmaceuticals?

EyePoint Pharmaceuticals granted a total of 6,000 stock options to two new employees.

What is the exercise price of the stock options granted by EYPT?

The exercise price of the stock options is $3.70 per share, matching the closing stock price on the grant date.

What will be the vesting schedule for the stock options granted by EyePoint Pharmaceuticals?

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

What is EyePoint Pharmaceuticals’ focus in the pharmaceutical market?

EyePoint Pharmaceuticals focuses on developing and commercializing therapeutics for serious eye disorders using its Durasert® technology.