Kala Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
December 18 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 233,500 shares of Kala Pharmaceuticals common stock to forty-six
new employees. The stock options were granted on December 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 $7.63 per share, the closing price of Kala Pharmaceuticals’
common stock on December 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 AMPPLIFY® mucus
penetrating particle Drug Delivery Technology to a corticosteroid,
loteprednol etabonate (LE), designed for ocular applications,
resulting in the October 2020 approval of EYSUVISTM (loteprednol
etabonate ophthalmic suspension) 0.25% for the short-term (up to
two weeks) treatment of signs and symptoms of dry eye disease and
the January 2019 launch of INVELTYS® (loteprednol etabonate
ophthalmic suspension) 1% for the treatment of post-operative
inflammation and pain following ocular surgery.
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version on businesswire.com: https://www.businesswire.com/news/home/20201218005004/en/
Investor Contacts: Loraine Spreen
loraine.spreen@kalarx.com 857-277-4842
Hannah Deresiewicz hannah.deresiewicz@sternir.com
212-362-1200
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