KALA BIO Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
September 20 2023 - 4:01PM
KALA BIO, Inc. (Nasdaq:KALA), today announced that the Company
granted non-statutory stock options to a new employee as an
inducement award 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 1,910 shares of its common stock to one new employee. The stock
options were granted on September 15, 2023. The grant was approved
by the Compensation Committee and made as a material inducement to
such employee entering into employment with KALA in accordance with
Nasdaq Listing Rule 5635(c)(4). The option award has an exercise
price of $10.63 per share, the closing price of KALA’s common stock
on September 15, 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. Vesting of the options is subject to the employee’s
continued service with KALA through the applicable vesting
dates.
About KALA BIO, Inc.KALA is a
clinical-stage biopharmaceutical company dedicated to the research
and development 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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