WATERTOWN, Mass., June 13, 2019 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT), a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products, today reported the grant of inducement awards to Scott Jones, EyePoint’s newly appointed Chief Commercial Officer, and Said Saim, Ph.D., EyePoint’s newly appointed Chief Technology Officer. The Compensation Committee of Eyepoint Pharmaceutical’s Board of Directors granted to Mr. Jones stock options to purchase an aggregate of 350,000 shares of common stock and granted to Dr. Saim stock options to purchase an aggregate of 300,000 shares of common stock, as inducement awards material to each of them entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options granted to Mr. Jones have an exercise price of $1.47 per share, the closing price of EyePoint’s common stock on Mr. Jones’ grant date of June 10, 2019, and the stock options granted to Dr. Saim have an exercise price of $1.63 per share, the closing price of EyePoint’s common stock on Dr. Saim’s grant date of June 11, 2019. One-fourth of the shares underlying the options granted to Mr. Jones and Dr. Saim will vest on the one-year anniversary of their respective dates of grant and thereafter 1/48th of the shares underlying each of these options will vest monthly, such that the shares underlying the options granted to Mr. Jones and Dr. Saim will be fully vested on the fourth anniversary of their respective dates of grant, subject to the terms of each grant.
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, Inc. (formerly pSivida Corp.) (www.eyepointpharma.com), headquartered in Watertown, MA, is a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products in indications with high unmet medical need to help improve the lives of patients with serious eye disorders. With the approval by the FDA on October 12, 2018 of the YUTIQ® three-year treatment of chronic non-infectious uveitis affecting the posterior segment of the eye, the Company has developed five of the six FDA-approved sustained-release treatments for eye diseases. The most common adverse reactions reported for YUTIQ were cataract development and increases in intraocular pressure. DEXYCU® was approved by the FDA on February 9, 2018. DEXYCU, administered as a single intraocular dose at the end of ocular surgery for the treatment of postoperative inflammation, is the first and only FDA-approved intraocular product with this indication. The most common adverse reactions reported by 5-15% of patients were increased intraocular pressure, corneal edema and iritis. DEXYCU employs the Verisome® extended-release drug delivery technology, which encompasses a broad number of related, but distinct drug delivery systems with the potential of incorporating an extensive range of active agents, including small molecules, proteins and monoclonal antibodies. ILUVIEN® (fluocinolone acetonide intravitreal implant), a micro-insert for diabetic macular edema, licensed to Alimera Sciences, Inc. (“Alimera”), is currently sold directly in the U.S. and several EU countries. Retisert® (fluocinolone acetonide intravitreal implant), for non-infectious posterior segment uveitis, is licensed to and sold by Bausch & Lomb, Inc. The Company's pre-clinical development program is focused on using its core Durasert™ and the Verisome platform technologies to deliver drugs to treat wet age-related macular degeneration, glaucoma, and other diseases. To learn more about the Company, please visit www.eyepointpharma.com and connect on Twitter, LinkedIn, Facebook and Google+.