Kala Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
August 20 2019 - 4:05PM
Business Wire
Kala Pharmaceuticals, Inc. (NASDAQ:KALA), today announced that
the Company granted non-statutory stock options to new employees as
inducement awards outside the Company’s 2017 Equity Incentive Plan
in accordance with NASDAQ Listing Rule 5635(c)(4).
The Company granted stock options to purchase up to an aggregate
of 23,000 shares of Kala Pharmaceuticals common stock to three new
employees. The stock options were granted on August 15, 2019. The
grant was approved by the Compensation Committee and was made as an
inducement material to each employee entering into employment with
Kala Pharmaceuticals in accordance with NASDAQ Listing Rule
5635(c)(4). The option awards have an exercise price of $4.02 per
share, the closing price of Kala Pharmaceuticals’ common stock on
August 15, 2019. The options have a ten-year term and vest over
four years, with 25% of the original number of shares vesting on
the first anniversary of the applicable employee’s new hire date
and the remainder vesting in equal monthly installments over the
following three years. Vesting of each option is subject to such
employee’s continued service with Kala Pharmaceuticals through the
applicable vesting dates.
About Kala Pharmaceuticals, Inc. Kala is a
biopharmaceutical company focused on the development and
commercialization of therapeutics using its proprietary AMPPLIFY™
mucus-penetrating particle (MPP) Drug Delivery Technology, with an
initial focus on the treatment of eye diseases. Kala has applied
the AMPPLIFY Drug Delivery Technology to a corticosteroid,
loteprednol etabonate (LE), designed for ocular applications,
resulting in the August 2018 FDA approval of INVELTYS® for the
treatment of inflammation and pain following ocular surgery and its
lead product candidate, KPI-121 0.25%, for the temporary relief of
the signs and symptoms of dry eye disease.
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version on businesswire.com: https://www.businesswire.com/news/home/20190820005020/en/
Investors Hannah Deresiewicz, 212-362-1200
hannah.deresiewicz@sternir.com
Media Kari Watson, 781-235-3060 kwatson@macbiocom.com
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