Kala Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
July 17 2020 - 4:01PM
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 21,800 shares of Kala Pharmaceuticals common stock to six new
employees. The stock options were granted on July 15, 2020. The
grants were approved by the Compensation Committee and were 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 $11.07 per
share, the closing price of Kala Pharmaceuticals’ common stock on
July 15, 2020. 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 discovery,
development and commercialization of innovative therapies for
diseases of the eye. Kala has applied its AMPPLIFYTM mucus
penetrating particle Drug Delivery Technology to a corticosteroid,
loteprednol etabonate (LE), designed for ocular applications,
resulting in the January 2019 launch of INVELTYS® (loteprednol
etabonate ophthalmic suspension) 1% and its investigational product
candidate, EYSUVISTM (loteprednol etabonate ophthalmic suspension)
0.25%, for which a New Drug Application (NDA) is under review by
the United States Food and Drug Administration (FDA) with a target
action date under the Prescription Drug User Fee Act (PDUFA) set
for October 30, 2020.
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Investors Hannah Deresiewicz, 212-362-1200
Hannah.Deresiewicz@sternir.com
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