Ocuphire Pharma, Inc. Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
September 03 2021 - 5:00PM
Ocuphire Pharma, Inc. (Nasdaq: OCUP), today announced that the
Compensation Committee of its Board of Directors, which is composed
entirely of independent directors, approved an equity award under
Ocuphire’s Inducement Plan as a material inducement to one
individual in connection with her employment with the Company
effective on September 1, 2021. The equity award was approved in
accordance with Nasdaq Listing Rule 5635(c)(4), which also requires
a public announcement of equity awards that are not made under a
stockholder approved equity plan.
In connection with the individual entering into
employment with Ocuphire, the individual, who was not previously an
employee or director of Ocuphire, was granted an option to purchase
an aggregate of 45,000 shares of the Company’s common stock. The
option has an exercise price of $4.49 per share, the closing price
of Ocuphire Pharma’s common stock on September 1, 2021. The option
has a ten-year term and vests over a period of four years, with 25%
vesting one year after the date of grant and the remaining 75%
vesting in 36 approximately equal monthly increments, provided the
new hire’s employment is continuing on each such date, and subject
to acceleration or forfeiture upon the occurrence of certain events
as set forth in the new hire’s option agreement.
About Ocuphire Pharma
Ocuphire is a publicly traded (NASDAQ: OCUP),
clinical-stage ophthalmic biopharmaceutical company focused on
developing and commercializing therapies for the treatment of
several eye disorders. Ocuphire’s pipeline currently includes two
small-molecule product candidates targeting front and back of the
eye indications. The company’s lead product candidate,
Nyxol® (0.75% phentolamine ophthalmic solution) Eye Drops, is
a once-daily preservative-free eye drop formulation of phentolamine
mesylate, a non-selective alpha-1 and alpha-2 adrenergic
antagonist, designed to reduce pupil size and is being developed
for several indications, including dim light or night vision
disturbances, reversal of pharmacologically-induced mydriasis, and
presbyopia. Ocuphire’s second product candidate, APX3330, is an
oral tablet designed to inhibit angiogenesis and inflammation
pathways relevant to retinal and choroidal vascular diseases, such
as diabetic retinopathy and diabetic macular edema. For more
information, please visit www.ocuphire.com.
Ocuphire Contacts
Mina Sooch, President & CEO Ocuphire Pharma,
Inc. ir@ocuphire.comwww.ocuphire.com
Ocuphire Pharma (NASDAQ:OCUP)
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