WALTHAM, Mass.--(BUSINESS WIRE)--Jan. 18, 2019--
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
76,000 shares of Kala Pharmaceuticals common stock to twelve new
employees. The stock options were granted on January 15, 2019. The grant
was approved by the Compensation Committee and was 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 $6.24 per share, the closing
price of Kala Pharmaceuticals’ common stock on January 15, 2019. 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 Pharmaceuticals, Inc.
Kala is a biopharmaceutical company focused on the development and
commercialization of therapeutics using its proprietary AMPPLIFYTM
mucus-penetrating particle (MPP) Drug Delivery Technology, with an
initial focus on the treatment of eye diseases. Kala has applied the
AMPPLIFY Drug Delivery Technology to a corticosteroid, loteprednol
etabonate (LE), designed for ocular applications, resulting in recently
approved INVELTYSTM for the treatment of inflammation and
pain following ocular surgery and its lead product candidate, KPI-121
0.25%, for the temporary relief of the signs and symptoms of dry eye
disease, for which a New Drug Application (NDA) has been filed with the
United States Food and Drug Administration (FDA) and a target action
date under the Prescription Drug User Fee Act (PDUFA) has been set for
August 15, 2019.
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Source: Kala Pharmaceuticals, Inc.
Michael Schaffzin, 212-362-1200