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 to 110 new employees, totaling 177,000 shares, under the 2021 Inducement Incentive Plan. The exercise price is set at $13.44 per share, coinciding with the closing price on the grant date. The options will vest over four years, contingent upon continued employment. This move aims to enhance talent acquisition and retention, aligning employee interests with company performance. Oyster Point is focused on developing first-in-class therapies for ophthalmic diseases, particularly the OC-01 nasal spray for dry eye disease.

Positive

• Granting stock options to 110 new employees may enhance talent acquisition and retention.
• Stock options align employee interests with company performance, potentially boosting productivity.
• Oyster Point's focus on innovative therapies positions it favorably in the biopharmaceutical market.

Negative

• None.

PRINCETON, N.J., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Oyster Point Pharma, Inc., (Nasdaq: OYST), a clinical-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 177,000 shares of common stock to 110 new employees, pursuant to the Oyster Point Pharma, Inc., 2021 Inducement Incentive Plan.

Each stock option has an exercise price per share equal to $13.44 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 clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases. Oyster Point Pharma’s lead clinical program is focused on the development of OC-01 (varenicline) nasal spray, a highly selective cholinergic agonist, being developed as a preservative-free nasal spray to treat the signs and symptoms of dry eye disease and neurotrophic keratopathy. In December 2020, Oyster Point submitted to the U.S. Food and Drug Administration (FDA) a New Drug Application (NDA) for OC-01 (varenicline) nasal spray for the treatment of signs and symptoms of dry eye disease. The Prescription Drug User Fee Act (PDUFA) target action date is October 17, 2021, with a planned U.S. launch of OC-01 (varenicline) nasal spray in the fourth quarter of 2021, if approved by the FDA. Oyster Point continues to expand its research and development pipeline through internal innovation and external collaborations with a goal to bring transformative therapies to patients and the eye care providers that take care of them.

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 recent stock options were granted by Oyster Point Pharma?

Oyster Point Pharma granted 177,000 non-qualified stock options to 110 new employees at an exercise price of $13.44 per share.

How will the stock options granted to new employees vest?

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

What is the significance of the stock options grant for OYST?

The stock options are intended to attract and retain talent, aligning employee interests with the company's performance.

What is the focus of Oyster Point Pharma's research?

Oyster Point Pharma focuses on innovative therapies for ophthalmic diseases, including a nasal spray for dry eye disease.

When is the PDUFA target action date for OC-01?

The PDUFA target action date for OC-01 (varenicline) nasal spray is October 17, 2021.