Kala Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
February 20 2020 - 4:01PM
Business Wire
Kala Pharmaceuticals, Inc. (NASDAQ:KALA), today announced that
the Company granted a non-statutory stock option to a new employee
as an inducement award outside the Company’s 2017 Equity Incentive
Plan in accordance with NASDAQ Listing Rule 5635(c)(4).
The Company granted the stock option to purchase up to an
aggregate of 4,000 shares of Kala Pharmaceuticals common stock to a
new employee. The stock option was granted on February 14, 2020.
The grant was approved by the Compensation Committee and was made
as an inducement material to the employee entering into employment
with Kala Pharmaceuticals in accordance with NASDAQ Listing Rule
5635(c)(4). The option award has an exercise price of $6.50 per
share, the closing price of Kala Pharmaceuticals’ common stock on
February 14, 2020. The option has a ten-year term and vests over
four years, with 25% of the original number of shares vesting on
the first anniversary of the employee’s new hire date and the
remainder vesting in equal monthly installments over the following
three years. Vesting of the option is subject to the 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 August 2018 FDA approval of INVELTYS® (loteprednol
etabonate ophthalmic suspension) 1% and its investigational product
candidate, EYSUVISTM (loteprednol etabonate ophthalmic suspension)
0.25%, which is being studied for the temporary relief of the signs
and symptoms of dry eye disease.
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Investors Hannah Deresiewicz, 212-362-1200
Hannah.Deresiewicz@sternir.com
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