PRINCETON, N.J., Jan. 04, 2023 (GLOBE NEWSWIRE) — Oyster Point Pharma, Inc., (Nasdaq: OYST), a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases, today announced that the Compensation Committee of its Board of Directors granted inducement non-qualified stock options to purchase an aggregate of 90,800 shares of common stock to seven new employees, pursuant to the Oyster Point Pharma, Inc., 2023 Inducement Incentive Plan.
Each stock option has an exercise price per share equal to $17.65 per share, Oyster Point’s closing trading price on the grant date, and will vest over four years, with 1/4th of the underlying shares vesting on the first year anniversary of the applicable vesting date and 1/36th of the remaining underlying shares vesting on each monthly anniversary thereafter, subject to the new employee’s continued service relationship with Oyster Point through the applicable vesting dates.
The Compensation Committee of Oyster Point’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
About Oyster Point Pharma, Inc.
Oyster Point Pharma is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ophthalmic diseases. In October 2023, Oyster Point Pharma received FDA approval for TYRVAYA™ (varenicline solution) Nasal Spray for the treatment of the signs and symptoms of dry eye disease. Oyster Point has a growing pipeline of clinical and pre-clinical programs and continues to expand its research and development pipeline through internal innovation and external collaborations. Oyster Point Pharma is continuously striving to advance breakthrough science and deliver therapies seeking to address the unmet needs of patients with ophthalmic disease and the eye care professionals who take care of them. For more information, visit www.oysterpointrx.com and follow @OysterPointRx on Twitter and LinkedIn.
Investor Contact:
Tim McCarthy
LifeSci Advisors, LLC
(212) 915-2564
[email protected]
Media Contact:
Sheryl Seapy, Real Chemistry
(213) 262-9390
[email protected]
