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

Rhea-AI Summary

On October 14, 2022, EyePoint Pharmaceuticals (NASDAQ: EYPT) granted non-statutory stock options to 12 new employees, totaling 42,900 shares. The options have an exercise price of $5.60 per share, coinciding with the closing stock price on that date. These options are part of a strategy to attract talent and are subject to a four-year vesting schedule. EyePoint's proprietary Durasert technology is being utilized in their pipeline, notably EYP-1901, which is in Phase 2 trials for sustained delivery of anti-VEGF treatment. The company focuses on therapeutics for serious eye disorders.

Positive

• Granting of 42,900 stock options to new employees promotes talent acquisition.
• Stock options priced at $5.60 align with current market conditions.
• Vesting schedule incentivizes employee retention over four years.
• Pipeline includes promising EYP-1901 in Phase 2 clinical trials.

Negative

• None.

WATERTOWN, Mass., Oct. 17, 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 42,900 shares of EyePoint Pharmaceuticals common stock to twelve new employees. The stock options were granted on October 14, 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 $5.60 per share, the closing price of EyePoint Pharmaceuticals’ common stock on October 14, 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 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:
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 is the significance of EyePoint Pharmaceuticals' stock option grant on October 14, 2022?

The grant of 42,900 stock options aims to attract and retain new talent, aligning employee interests with company performance.

What is the exercise price of the stock options granted by EyePoint Pharmaceuticals?

The exercise price for the stock options granted is $5.60 per share.

How long do the stock options granted by EyePoint Pharmaceuticals vest?

The stock options vest over four years, with 25% vesting on the first anniversary.

What is EYP-1901 and its current status?

EYP-1901 is an investigational sustained delivery anti-VEGF treatment currently in Phase 2 clinical trials.