KALA BIO Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
- The grant of stock options is a positive move for KALA BIO, providing an incentive for the new employee.
- The exercise price of $10.63 per share is in line with the closing price of KALA's common stock on September 15, 2023.
- None.
ARLINGTON, Mass., Sept. 20, 2023 (GLOBE NEWSWIRE) -- KALA BIO, Inc. (Nasdaq:KALA), today announced that the Company granted non-statutory stock options to a new employee as an inducement award outside the Company’s Amended and Restated 2017 Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).
The Company granted stock options to purchase up to an aggregate of 1,910 shares of its common stock to one new employee. The stock options were granted on September 15, 2023. The grant was approved by the Compensation Committee and made as a material inducement to such employee entering into employment with KALA in accordance with Nasdaq Listing Rule 5635(c)(4). The option award has an exercise price of
About KALA BIO, Inc.
KALA is a clinical-stage biopharmaceutical company dedicated to the research and development of innovative therapies for rare and severe diseases of the eye. KALA’s biologics-based investigational therapies utilize KALA’s proprietary mesenchymal stem cell secretome (MSC-S) platform. KALA’s lead product candidate, KPI-012, is a human MSC-S, which contains numerous human-derived biofactors, such as growth factors, protease inhibitors, matrix proteins and neurotrophic factors that can potentially correct the impaired corneal healing that is an underlying etiology of multiple severe ocular diseases. KPI-012 is currently in clinical development for the treatment of persistent corneal epithelial defect (PCED), a rare disease of impaired corneal healing, for which it has received Orphan Drug and Fast Track designations from the U.S. Food and Drug Administration. KALA is also targeting the potential development of KPI-012 for the treatment of Limbal Stem Cell Deficiency and other rare corneal diseases that threaten vision and has initiated preclinical studies to evaluate the potential utility of its MSC-S platform for retinal degenerative diseases, such as Retinitis Pigmentosa and Stargardt Disease. For more information on KALA, please visit www.kalarx.com.
Investor Contacts:
Hannah Deresiewicz
hannah.deresiewicz@sternir.com
212-362-1200