Ocuphire Pharma, Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ocuphire Pharma (Nasdaq: OCUP) has announced the approval of an equity award for a new employee, effective September 1, 2021. The award, which complies with Nasdaq Listing Rule 5635(c)(4), includes an option to purchase 45,000 shares at an exercise price of $4.49 each. The option, which vests over four years, reflects the company's strategy to attract talent and align interests. Ocuphire focuses on developing therapies for eye disorders, with its lead candidate, Nyxol, addressing various vision-related conditions. For further details, visit ocuphire.com.

Positive

• Equity award approved to attract talent, showing commitment to growth.
• Equity option for 45,000 shares at $4.49 aligns employee incentives with shareholder interests.
• Focus on eye disorder therapies with potential for market expansion.

Negative

• None.

FARMINGTON HILLS, Mich., Sept. 03, 2021 (GLOBE NEWSWIRE) -- Ocuphire Pharma, Inc. (Nasdaq: OCUP), today announced that the Compensation Committee of its Board of Directors, which is composed entirely of independent directors, approved an equity award under Ocuphire’s Inducement Plan as a material inducement to one individual in connection with her employment with the Company effective on September 1, 2021. The equity award was approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.

In connection with the individual entering into employment with Ocuphire, the individual, who was not previously an employee or director of Ocuphire, was granted an option to purchase an aggregate of 45,000 shares of the Company’s common stock. The option has an exercise price of $4.49 per share, the closing price of Ocuphire Pharma’s common stock on September 1, 2021. The option has a ten-year term and vests over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting in 36 approximately equal monthly increments, provided the new hire’s employment is continuing on each such date, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the new hire’s option agreement.

About Ocuphire Pharma

Ocuphire is a publicly traded (NASDAQ: OCUP), clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing therapies for the treatment of several eye disorders. Ocuphire’s pipeline currently includes two small-molecule product candidates targeting front and back of the eye indications. The company’s lead product candidate, Nyxol^® (0.75% phentolamine ophthalmic solution) Eye Drops, is a once-daily preservative-free eye drop formulation of phentolamine mesylate, a non-selective alpha-1 and alpha-2 adrenergic antagonist, designed to reduce pupil size and is being developed for several indications, including dim light or night vision disturbances, reversal of pharmacologically-induced mydriasis, and presbyopia. Ocuphire’s second product candidate, APX3330, is an oral tablet designed to inhibit angiogenesis and inflammation pathways relevant to retinal and choroidal vascular diseases, such as diabetic retinopathy and diabetic macular edema. For more information, please visit www.ocuphire.com. 

Ocuphire Contacts

Mina Sooch, President & CEO
Ocuphire Pharma, Inc.
ir@ocuphire.com
www.ocuphire.com

FAQ

What is Ocuphire Pharma's recent equity award announcement?

Ocuphire Pharma announced the approval of an equity award for a new employee on September 1, 2021, under its Inducement Plan.

How many shares were granted to the new employee at Ocuphire?

The new employee was granted an option to purchase 45,000 shares of Ocuphire's common stock.

What is the exercise price for the equity option granted by Ocuphire?

The exercise price for the equity option is $4.49 per share.

What are Ocuphire Pharma's main therapeutic focuses?

Ocuphire Pharma focuses on developing therapies for eye disorders, including its lead product candidate, Nyxol.

What does Nasdaq Rule 5635(c)(4) pertain to in Ocuphire's announcement?

Nasdaq Rule 5635(c)(4) requires public announcements for equity awards made outside of stockholder-approved plans.