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

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) has granted non-statutory stock options to two new employees as inducement awards outside its 2023 Long-Term Incentive Plan. The grants, approved by the Compensation Committee, comply with NASDAQ Listing Rule 5635(c)(4). Key details include:

• 43,000 shares of common stock options granted
• Grant date: September 13, 2024
• Exercise price: $9.10 per share (closing price on grant date)
• Ten-year term
• Vesting over four years: 25% after one year, remainder in monthly installments over three years
• Vesting contingent on continued employment

These inducement awards aim to attract and retain talent in EyePoint's mission to develop therapeutics for serious retinal diseases.

Positive

• Attraction of new talent with stock options as incentives
• Alignment of employee interests with company performance through equity compensation

Negative

• Potential dilution of existing shareholders' equity

WATERTOWN, Mass., Sept. 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 serious 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 43,000 shares of EyePoint Pharmaceuticals common stock to two new employees. The stock options were granted on September 13, 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 $9.10 per share, the closing price of EyePoint Pharmaceuticals’ common stock on September 13, 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 innovative 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, DURAVYU™ (f/k/a EYP-1901), is an investigational sustained delivery treatment for VEGF-mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor with bioerodible Durasert E™. DURAVYU is presently in Phase 2 clinical trials as a sustained delivery treatment for wet age-related macular degeneration (wet AMD), the leading cause of vision loss among people 50 years of age and older in the United States, and diabetic macular edema (DME). EyePoint expects to randomize patients for inclusion in pivotal Phase 3 clinical trials in wet AMD in 2024.

Pipeline programs include EYP-2301, a TIE-2 agonist, razuprotafib, 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.

DURAVYU™ has been conditionally accepted by the FDA as the proprietary name for EYP-1901. DURAVYU is an investigational product; it has not been approved by the FDA. FDA approval and the timeline for potential approval is uncertain.

For EyePoint Pharmaceuticals:

Investors:
Christina Tartaglia
Precision AQ (formerly Stern IR)
Direct: 212-698-8700
christina.tartaglia@precisionaq.com

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

FAQ

How many shares of stock options did EyePoint Pharmaceuticals (EYPT) grant to new employees on September 13, 2024?

EyePoint Pharmaceuticals granted stock options to purchase up to an aggregate of 43,000 shares of common stock to two new employees on September 13, 2024.

What is the exercise price of the stock options granted by EyePoint Pharmaceuticals (EYPT) on September 13, 2024?

The exercise price of the stock options granted is $9.10 per share, which was the closing price of EyePoint Pharmaceuticals' common stock on September 13, 2024.

What is the vesting schedule for the stock options granted by EyePoint Pharmaceuticals (EYPT) to new employees?

The options vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting in equal monthly installments over the following three years, subject to continued employment.

Under which NASDAQ rule did EyePoint Pharmaceuticals (EYPT) grant these inducement awards?

EyePoint Pharmaceuticals granted these inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).