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 non-qualified stock options for 93,600 shares to 58 new employees under the 2021 Inducement Incentive Plan. The exercise price is set at $14.11 per share, aligning with the closing price on the grant date. Options will vest over four years, with 25% vesting after the first anniversary. This action follows NASDAQ Listing Rule 5635(c)(4), aimed at incentivizing new hires.

The company is focused on developing innovative ophthalmic therapies, including its lead product OC-01 nasal spray for dry eye disease and neurotrophic keratopathy, with FDA action expected by October 17, 2021.

Positive

• Issuance of stock options to 58 new employees, enhancing workforce motivation.
• Alignment of exercise price at $14.11, reflecting current market value.
• Oyster Point's focus on first-in-class therapies could drive future growth.

Negative

• None.

PRINCETON, N.J., Aug. 02, 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 93,600 shares of common stock to 58 new employees, pursuant to the Oyster Point Pharma, Inc., 2021 Inducement Incentive Plan.

Each stock option has an exercise price per share equal to $14.11 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 stock options did Oyster Point Pharma grant?

Oyster Point Pharma granted 93,600 non-qualified stock options to 58 new employees at an exercise price of $14.11 per share.

When will the stock options vest for Oyster Point employees?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly thereafter.

What is Oyster Point Pharma's lead clinical product?

Oyster Point Pharma's lead clinical product is OC-01 (varenicline) nasal spray, aimed at treating dry eye disease.

When is the FDA action date for OC-01?

The FDA's target action date for OC-01 is October 17, 2021.

What is the purpose of the inducement stock options at Oyster Point?

The inducement stock options are intended to attract and retain new employees as per NASDAQ Listing Rule 5635(c)(4).