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

Rhea-AI Summary

Oyster Point Pharma (Nasdaq: OYST) announced the grant of inducement non-qualified stock options for 11,300 shares to three new employees. The options are priced at $5.87 per share, equal to the closing price on the grant date, and will vest over four years. This decision aligns with Nasdaq's Listing Rule 5635(c)(4), emphasizing the company's commitment to attracting talent in the biopharmaceutical sector focused on ophthalmic diseases. The company continues to pursue innovation and expand its treatment pipeline following FDA approval of its first prescription treatment in October 2021.

Positive

• Grant of stock options to attract new talent.
• Exercise price aligns with market closing price on grant date.
• Vesting over four years incentivizes employee retention.

Negative

• None.

PRINCETON, N.J., Oct. 04, 2022 (GLOBE NEWSWIRE) -- Oyster Point Pharma, Inc., (Nasdaq: OYST), (“Oyster Point Pharma”, or “the Company”), 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 the Company’s Board of Directors granted inducement non-qualified stock options to purchase an aggregate of 11,300 shares of common stock to three new employees, pursuant to the Oyster Point Pharma, Inc., 2021 Inducement Incentive Plan.

Each stock option has an exercise price equal to $5.87 per share, Oyster Point Pharma’s closing trading price on the grant date, and will vest over four years, with 1/4^th of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and 1/36^th of the remaining underlying shares vesting on each monthly anniversary thereafter, subject to the new employees’ continued service relationship with Oyster Point Pharma through the applicable vesting dates.

The Compensation Committee of Oyster Point Pharma'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 its first prescription treatment. Oyster Point Pharma 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 Twitter and LinkedIn.

Investor Contact
Arty Ahmed
(646) 436-4702
aahmed@oysterpointrx.com

Media Contact
Karen Castillo-Paff
(347) 920-0248
kpaff@oysterpointrx.com

FAQ

What did Oyster Point Pharma announce on October 4, 2022?

Oyster Point Pharma announced the grant of inducement non-qualified stock options for 11,300 shares to three new employees.

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

The exercise price for the stock options is $5.87 per share.

How will the stock options granted by Oyster Point Pharma vest?

The stock options will vest over four years, with an initial vesting of 1/4th after one year and the remainder vesting monthly thereafter.

Why did Oyster Point Pharma grant these stock options?

The grant was approved as an inducement material to the new employees’ employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

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

Oyster Point Pharma focuses on developing first-in-class pharmaceutical therapies for ophthalmic diseases.