Ocular Therapeutix Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
07 May 2024 - 10:16AM
Ocular Therapeutix, Inc. (NASDAQ:OCUL) (“Ocular”), a
biopharmaceutical company committed to enhancing people’s vision
and quality of life through the development and commercialization
of innovative therapies for wet age-related macular degeneration
(wet AMD), diabetic retinopathy, and other diseases and conditions
of the eye, today announced that it has agreed to grant inducement
awards to (i) its newly appointed Vice President, Head of
Programming & Data Operations, Xiaopeng “Jeff” Cai, MS;
(ii) its newly appointed Vice President, Head of
Biostatistics, Zhongwen “Justin” Tang, Ph.D.; and (iii) eleven
other newly hired employees. The awards were approved by the
Compensation Committee of Ocular and were made as inducements
material to each individual’s acceptance of employment with Ocular
under Ocular’s 2019 Inducement Stock Incentive Plan in accordance
with Nasdaq Listing Rule 5635(c)(4).
Mr. Cai’s inducement awards were granted effective
as of April 30, 2024, and Dr. Tang’s inducement awards will be
granted effective as of May 7, 2024. Each of Mr. Cai’s and Dr.
Tang’s inducement awards consist of (i) a non-statutory stock
option to purchase up to 90,000 shares of the Ocular’s common stock
at a per share exercise price equal to the closing price of
Ocular’s common stock on The Nasdaq Global Market on the effective
date of grant, and (ii) a restricted stock unit award representing
the right to receive 28,333 shares of Ocular’s common stock. Each
stock option has a ten-year term and is scheduled to vest over four
years, with 25% of the original number of shares vesting on the
one-year anniversary of the recipient’s employment commencement
date and the remainder vesting in equal monthly installments over
the three years thereafter, subject to each of their continued
service to Ocular through the applicable vesting dates. Each
restricted stock unit award is scheduled to vest over three years,
in equal annual installments, beginning on the recipient’s
employment commencement date and subject to each of their continued
service to Ocular through the applicable vesting dates.
The inducement equity awards to the eleven other
newly hired employees were granted effective as of May 6, 2024 and
consist of (i) non-statutory stock options to purchase up to an
aggregate of 201,425 shares of the Ocular’s common stock at a per
share exercise price equal to the closing price of Ocular’s common
stock on The Nasdaq Global Market on the effective date of grant
and (ii) restricted stock unit awards representing the right to
receive an aggregate of 67,041 shares of Ocular’s common stock.
Each stock option has a ten-year term and is scheduled to vest over
four years, with 25% of the original number of shares vesting on
the one-year anniversary of the recipient’s employment commencement
date and the remainder vesting in equal monthly installments over
the three years thereafter, subject to such individual’s continued
service to Ocular through the applicable vesting dates. Each
restricted stock unit award is scheduled to vest over three years,
in equal annual installments, beginning on May 6, 2024, and subject
to the recipient’s continued service to Ocular through the
applicable vesting dates.
The inducement equity awards are subject to the
terms and conditions of the award agreements covering the grants
and Ocular’s 2019 Inducement Stock Incentive Plan.
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc. is a biopharmaceutical
company committed to enhancing people’s vision and quality of life
through the development and commercialization of innovative
therapies for wet age-related macular degeneration (wet AMD),
diabetic retinopathy (DR), and other diseases and conditions of the
eye. AXPAXLI™ (axitinib intravitreal implant, also known as
OTX-TKI), Ocular’s product candidate for retinal disease, is based
on its ELUTYX™ proprietary bioresorbable hydrogel-based formulation
technology. AXPAXLI is currently in a Phase 3 clinical trial for
wet AMD. The clinical portfolio also includes PAXTRAVA™ (travoprost
intracameral implant, also known as OTX-TIC), currently in a Phase
2 clinical trial for the treatment of open-angle glaucoma or ocular
hypertension.
Ocular’s expertise in the formulation, development
and commercialization of innovative therapies of the eye and the
ELUTYX platform supported the development and launch of its first
commercial drug product, DEXTENZA®, an FDA-approved corticosteroid
for the treatment of ocular inflammation and pain following
ophthalmic surgery and ocular itching associated with allergic
conjunctivitis. ELUTYX is also the foundation for two other
clinical-stage assets, OTX-CSI (cyclosporine intracanalicular
insert) for the chronic treatment of dry eye disease and OTX-DED
(dexamethasone intracanalicular insert) for the short-term
treatment of the signs and symptoms of dry eye disease, as well as
several preclinical programs.
Follow us on our website, LinkedIn or X.
DEXTENZA® is a registered trademark of Ocular
Therapeutix, Inc. AXPAXLI™, PAXTRAVA™, ELUTYX™ and Ocular
Therapeutix™ are trademarks of Ocular Therapeutix, Inc.
Investors & MediaOcular Therapeutix, Inc.Bill
SlatteryVice President, Investor Relationsbslattery@ocutx.com
Ocular Therapeutix (NASDAQ:OCUL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ocular Therapeutix (NASDAQ:OCUL)
Historical Stock Chart
From Sep 2023 to Sep 2024