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

Rhea-AI Summary

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) granted non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan. The Company granted stock options to purchase up to an aggregate of 13,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The option awards have an exercise price of $19.55 per share and a ten-year term, vesting over four years. Vesting is subject to the employee’s continued service with EyePoint Pharmaceuticals.

WATERTOWN, Mass., Dec. 18, 2023 (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 13,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The stock options were granted on December 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 $19.55 per share, the closing price of EyePoint Pharmaceuticals’ common stock on December 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 clinical-stage 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 (TKI) with Durasert E™. Vorolanib is licensed to EyePoint exclusively by Equinox Sciences for the localized treatment of all ophthalmic diseases. Additional pipeline programs include EYP-2301, a promising Tie-2 activator, razuprotafib, f/k/a AKB-9778, formulated in Durasert E™ to potentially improve outcomes in wet AMD and diabetic eye disease. The proven Durasert^® drug delivery platform has been safely administered to thousands of patient eyes across four U.S. FDA approved products. 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 did EyePoint Pharmaceuticals announce?

EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) announced the granting of non-statutory stock options to new employees as inducement awards outside the Company’s 2023 Long-Term Incentive Plan.

How many shares of EyePoint Pharmaceuticals common stock were granted to new employees?

The Company granted stock options to purchase up to an aggregate of 13,000 shares of EyePoint Pharmaceuticals common stock to two new employees.

What is the exercise price of the stock options granted?

The option awards have an exercise price of $19.55 per share.

What is the vesting period for the stock options?

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.

What is the condition for vesting of the options?

Vesting of the options is subject to the employee’s continued service with EyePoint Pharmaceuticals through the applicable vesting dates.