Kala Pharmaceuticals Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
November 18 2021 - 4:01PM
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 131,500 shares of Kala Pharmaceuticals common
stock to three new employees in connection with the Company’s
acquisition of Combangio, Inc. on November 15, 2021, including an
option to purchase 100,000 shares to Darius Kharabi, who was
appointed Chief Business Officer of the Company upon closing of the
acquisition. The Company also granted stock options to purchase up
to an aggregate of 4,000 shares of Kala Pharmaceuticals common
stock to a new employee that joined the Company unrelated to the
acquisition. All of the stock options were granted on November 15,
2021. 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 $2.10 per share, the closing price of Kala Pharmaceuticals’
common stock on November 15, 2021. 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 commercial-stage 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 (MPP) Drug Delivery Technology
to two ocular therapies, EYSUVIS® (loteprednol etabonate ophthalmic
suspension) 0.25% for the short-term (up to two weeks) treatment of
signs and symptoms of dry eye disease and INVELTYS® (loteprednol
etabonate ophthalmic suspension) 1% for the treatment of
post-operative inflammation and pain following ocular surgery. The
Company also has a pipeline of development programs including a
clinical-stage secretome product candidate, KPI-012, initially
targeting persistent corneal epithelial defects (PCED) and multiple
proprietary NCE preclinical development programs targeted to
address unmet medical needs, including both front and back of the
eye diseases. For more information on Kala, please visit
www.kalarx.com.
Investor Contacts: Jill
Steierjill.steier@kalarx.com 781-810-4086
Hannah Deresiewiczhannah.deresiewicz@sternir.com
212-362-1200
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