Kala Pharmaceuticals Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
WATERTOWN, Mass., Nov. 18, 2021 (GLOBE NEWSWIRE) -- 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 131,500 shares of Kala Pharmaceuticals common stock to three new employees in connection with the Company’s acquisition of Combangio, Inc. on November 15, 2021, including an option to purchase 100,000 shares to Darius Kharabi, who was appointed Chief Business Officer of the Company upon closing of the acquisition. The Company also granted stock options to purchase up to an aggregate of 4,000 shares of Kala Pharmaceuticals common stock to a new employee that joined the Company unrelated to the acquisition. All of the stock options were granted on November 15, 2021. The grants were approved by the Compensation Committee and were 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 $2.10 per share, the closing price of Kala Pharmaceuticals’ common stock on November 15, 2021. 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 commercial-stage biopharmaceutical company focused on the discovery, development, and commercialization of innovative therapies for diseases of the eye. Kala has applied its AMPPLIFY® mucus-penetrating particle (MPP) Drug Delivery Technology to two ocular therapies, EYSUVIS® (loteprednol etabonate ophthalmic suspension) 0.25% for the short-term (up to two weeks) treatment of signs and symptoms of dry eye disease and INVELTYS® (loteprednol etabonate ophthalmic suspension) 1% for the treatment of post-operative inflammation and pain following ocular surgery. The Company also has a pipeline of development programs including a clinical-stage secretome product candidate, KPI-012, initially targeting persistent corneal epithelial defects (PCED) and multiple proprietary NCE preclinical development programs targeted to address unmet medical needs, including both front and back of the eye diseases. For more information on Kala, please visit www.kalarx.com.