Kala Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
June 17 2022 - 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 50,000 shares of Kala Pharmaceuticals common stock to two new
employees. The stock options were granted on June 15, 2022. 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 $0.39 per
share, the closing price of Kala Pharmaceuticals’ common stock on
June 15, 2022. 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 PharmaceuticalsKala
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% and INVELTYS® (loteprednol etabonate ophthalmic
suspension) 1%. On May 23, 2022, the Company announced that it
entered into a definitive agreement to sell its commercial
portfolio and related intellectual property assets to Alcon Inc.
The Company anticipates the transaction will close in the third
quarter of 2022, subject to certain conditions, including the
expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act and other customary closing conditions.
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 new chemical entity (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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