Kala Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
June 23 2023 - 4:01PM
Kala Pharmaceuticals, Inc. (NASDAQ:KALA), today announced that the
Company granted non-statutory stock options and restricted stock
units (RSUs) to new employees as inducement awards outside the
Company’s Amended and Restated 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 840 shares of its common stock to one new
employee and granted RSUs with respect to an aggregate of 10,720
shares of its common stock to eight new employees. The stock
options and RSUs were granted on June 22, 2023. These grants were
approved by the Compensation Committee and made as a material
inducement to each such employee entering into employment with Kala
Pharmaceuticals in accordance with Nasdaq Listing Rule 5635(c)(4).
The option award has an exercise price of $14.56 per share, the
closing price of Kala Pharmaceuticals’ common stock on June 22,
2023. 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 employee’s new hire date and the remainder
vesting in equal monthly installments over the following three
years. The RSUs vest over three years, with one-third of such RSUs
vesting on the first anniversary of the employee’s new hire date
and the remainder vesting in equal yearly installments over the
following two years. Vesting of the options and RSUs is subject to
the employee’s continued service with Kala Pharmaceuticals through
the applicable vesting dates.
About Kala Pharmaceuticals,
Inc.Kala is a clinical-stage biopharmaceutical company
dedicated to the research, development and commercialization of
innovative therapies for rare and severe diseases of the eye.
Kala’s biologics-based investigational therapies utilize Kala’s
proprietary mesenchymal stem cell secretome (MSC-S) platform.
Kala’s lead product candidate, KPI-012, is a human MSC-S, which
contains numerous human-derived biofactors, such as growth factors,
protease inhibitors, matrix proteins and neurotrophic factors that
can potentially correct the impaired corneal healing that is an
underlying etiology of multiple severe ocular diseases. KPI-012 is
currently in clinical development for the treatment of persistent
corneal epithelial defect (PCED), a rare disease of impaired
corneal healing, for which it has received Orphan Drug and Fast
Track designations from the U.S. Food and Drug Administration. Kala
is also targeting the potential development of KPI-012 for the
treatment of Limbal Stem Cell Deficiency and other rare corneal
diseases that threaten vision and has initiated preclinical studies
to evaluate the potential utility of its MSC-S platform for retinal
degenerative diseases, such as Retinitis Pigmentosa and Stargardt
Disease. For more information on Kala, please visit
www.kalarx.com.
Investor Contacts: Hannah
Deresiewiczhannah.deresiewicz@sternir.com 212-362-1200
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