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

Rhea-AI Summary

Ocuphire Pharma (Nasdaq: OCUP) announced the approval of an equity award for Amanda Providakes as a part of her employment effective July 6, 2021. The award includes options to purchase 4,000 shares at an exercise price of $4.51 per share, reflecting the closing stock price on the grant date. These options have a ten-year term and vest over four years. Ocuphire is focused on developing therapies for eye disorders, with lead candidate Nyxol having positive trial data. The company is also advancing its second candidate, APX3330, in clinical trials.

Positive

• Ocuphire reported positive topline data for Nyxol in a Phase 3 trial for reversal of mydriasis.
• Positive results were also disclosed for Nyxol in a Phase 2 trial for presbyopia.
• Ocuphire is actively pursuing strategic partnerships for late-stage development of its products.

Negative

• None.

FARMINGTON HILLS, Mich., July 09, 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 Amanda Providakes in connection with her employment with the Company effective on July 6, 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, received options to purchase an aggregate of 4,000 shares of the Company’s common stock. The option awards have an exercise price of $4.51 per share, the closing price of Ocuphire Pharma’s common stock on July 6, 2021. The options have ten-year terms and vest 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 (NVD), reversal of pharmacologically-induced mydriasis (RM), and presbyopia, and has been studied in 9 clinical trials including the recently completed Phase 3 trial in RM and Phase 2 trial in presbyopia. Ocuphire reported positive topline data in March 2021 for MIRA-2, a Phase 3 FDA registration study for treatment of RM. Ocuphire also reported positive top-line data in June 2021 for VEGA-1, a Phase 2 trial for the treatment of presbyopia. Nyxol is also currently in Phase 3 clinical development for NVD. 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 (DR) and diabetic macular edema (DME) and has been studied in 11 Phase 1 and 2 trials. APX3330 is currently enrolling subjects in a Phase 2 clinical trial in subjects with DR/DME. As part of its strategy, Ocuphire will continue to explore opportunities to acquire additional ophthalmic assets and to seek strategic partners for late-stage development, regulatory preparation, and commercialization of drugs in key global markets. Please visit www.clinicaltrials.gov to learn more about Ocuphire’s completed Phase 2 trials, recently completed Phase 3 registration trial in RM (NCT04620213), recently completed Phase 2 trial in presbyopia (NCT04675151), ongoing Phase 3 registration trial in NVD (NCT04638660), and Phase 2 trial in DR/DME (NCT04692688). For more information, please visit www.ocuphire.com. 

Ocuphire Contacts

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

Corey Davis, Ph.D.
LifeSci Advisors
cdavis@lifesciadvisors.com

FAQ

What equity award was approved for Amanda Providakes at Ocuphire Pharma?

Ocuphire Pharma approved an equity award granting Amanda Providakes options to purchase 4,000 shares at an exercise price of $4.51.

What is the significance of the equity award by Ocuphire Pharma?

The equity award serves as a material inducement for Amanda Providakes in her new role, in compliance with Nasdaq regulations.

What clinical trials has Ocuphire Pharma reported positive data for?

Ocuphire has reported positive data for Nyxol from the Phase 3 trial for mydriasis and the Phase 2 trial for presbyopia.

What is Ocuphire's main focus as a biopharmaceutical company?

Ocuphire focuses on developing therapies for various eye disorders, particularly its lead product candidate, Nyxol.

What is the timeline for the vesting of options granted to Amanda Providakes?

The options vest over four years, with 25% vesting after one year and the remainder vesting in approximately equal monthly increments.