Ocugen, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ocugen, Inc. (NASDAQ: OCGN) announced the approval of stock options and restricted stock units (RSUs) totaling 787,268 shares and 217,681 shares, respectively, for three new hires. The grants were made on January 10 and January 17, 2022, as incentives for employment in compliance with Nasdaq Listing Rule 5635(c)(4). The stock options have a ten-year term with exercise prices of $4.32 and $4.25. They will vest in equal installments over three years, contingent upon continued service. Ocugen focuses on gene therapies for blindness diseases and the COVAXIN vaccine for COVID-19.

Positive

• Granting of stock options and RSUs may attract and retain talent.
• The stock options have a favorable long-term term of ten years.

Negative

• Potential dilution of existing shares due to new stock options and RSUs.

MALVERN, Pa., Jan. 21, 2022 (GLOBE NEWSWIRE) -- Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced the Compensation Committee of the Board of Directors of Ocugen approved the grant of stock options to purchase an aggregate of 787,268 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 217,681 shares of common stock to three newly hired team members. The stock options and RSUs were granted on January 10, 2022, and January 17, 2022, as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4). 687,872 of the stock options and 190,198 of the RSUs were issued on January 10, 2022, to a new member of the management team, whose appointment will be announced at a later date.

The stock options have a ten-year term and exercise prices of $4.32 and $4.25 per share, which were the closing prices of Ocugen’s common stock on January 10 and January 14, respectively. The stock options and RSUs vest in equal annual installments over a three-year period starting on the one-year anniversary of the grant date, subject to the applicable new employee’s continued service with Ocugen through the applicable vesting dates. The stock options and RSUs were granted outside of Ocugen’s 2019 Equity Incentive Plan.

About Ocugen, Inc.
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug — “one to many,” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. and Canadian markets. For more information, please visit www.ocugen.com. 

Cautionary Note on Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from our current expectations, such as market and other conditions. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, after the date of this press release. 

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
IR@Ocugen.com 

FAQ

What did Ocugen announce on January 21, 2022?

Ocugen announced the approval of stock options and RSUs totaling 787,268 and 217,681 shares, respectively, for newly hired team members.

What are the exercise prices for Ocugen's stock options?

The exercise prices for Ocugen's stock options are $4.32 and $4.25 per share.

How long is the term for Ocugen's stock options?

The stock options have a ten-year term.

What is the vesting schedule for Ocugen's RSUs?

The RSUs vest in equal installments over a three-year period starting on the one-year anniversary of the grant date.

What is Ocugen's focus as a biopharmaceutical company?

Ocugen focuses on gene therapies for blindness diseases and developing COVAXIN for COVID-19.