Oyster Point Pharma, Inc., Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Oyster Point Pharma, Inc. (Nasdaq: OYST) announced the grant of non-qualified stock options totaling 90,800 shares to seven new employees as part of its 2021 Inducement Incentive Plan. The options have an exercise price of $17.65, the company's closing price on the grant date, and will vest over four years. This grant was approved by the Compensation Committee to incentivize new talent in line with Nasdaq Listing Rule 5635(c)(4). Oyster Point is focused on ophthalmic diseases and recently received FDA approval for TYRVAYA™ nasal spray for dry eye disease.

Positive

• Grant of 90,800 stock options to incentivize new employees.
• Exercise price set at $17.65, matching the closing price on the grant date.
• Long-term vesting period of four years encourages employee retention.

Negative

• None.

PRINCETON, N.J., Jan. 04, 2022 (GLOBE NEWSWIRE) -- Oyster Point Pharma, Inc., (Nasdaq: OYST), a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases, today announced that the Compensation Committee of its Board of Directors granted inducement non-qualified stock options to purchase an aggregate of 90,800 shares of common stock to seven new employees, pursuant to the Oyster Point Pharma, Inc., 2021 Inducement Incentive Plan.

Each stock option has an exercise price per share equal to $17.65 per share, Oyster Point’s closing trading price on the grant date, and will vest over four years, with 1/4th of the underlying shares vesting on the first year anniversary of the applicable vesting date and 1/36th of the remaining underlying shares vesting on each monthly anniversary thereafter, subject to the new employee's continued service relationship with Oyster Point through the applicable vesting dates.

The Compensation Committee of Oyster Point's Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

About Oyster Point Pharma, Inc.

Oyster Point Pharma is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases. In October 2021, Oyster Point Pharma received FDA approval for TYRVAYA™ (varenicline solution) Nasal Spray for the treatment of the signs and symptoms of dry eye disease. Oyster Point has a growing pipeline of clinical and pre-clinical programs and continues to expand its research and development pipeline through internal innovation and external collaborations. Oyster Point Pharma is continuously striving to advance breakthrough science and deliver therapies seeking to address the unmet needs of patients with ophthalmic disease and the eye care professionals who take care of them. For more information, visit www.oysterpointrx.com and follow @OysterPointRx on Twitter and LinkedIn.

Investor Contact:

Tim McCarthy
LifeSci Advisors, LLC
(212) 915-2564
investors@oysterpointrx.com

Media Contact:

Sheryl Seapy, Real Chemistry
(213) 262-9390
sseapy@realchemistry.com

FAQ

What was announced by Oyster Point Pharma on January 4, 2022?

Oyster Point Pharma announced the grant of 90,800 non-qualified stock options to seven new employees.

What is the exercise price for the stock options granted by Oyster Point Pharma?

The exercise price for the stock options is $17.65 per share.

What is the vesting schedule for the stock options at Oyster Point Pharma?

The stock options will vest over four years, with 1/4th vesting on the first anniversary and the remaining shares vesting monthly thereafter.

What recent FDA approval did Oyster Point Pharma receive?

Oyster Point Pharma received FDA approval for TYRVAYA™ nasal spray for treating dry eye disease.

What is the Nasdaq listing rule relevant to the stock option grant by Oyster Point Pharma?

The grant was made in accordance with Nasdaq Listing Rule 5635(c)(4), which allows inducement awards.