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Ocular Therapeutix Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
BEDFORD, Mass.--(BUSINESS WIRE)-- Ocular Therapeutix, Inc. (NASDAQ:OCUL), a biopharmaceutical company focused on the formulation, development, and
About this update from Ocular Therapeutix, Inc.
[{"type":"text","content":" BEDFORD, Mass.--(BUSINESS WIRE)--\nOcular Therapeutix, Inc. (NASDAQ:OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced that it has granted a non-statutory stock option to purchase up to an aggregate of 350,000 shares of common stock of Ocular Therapeutix to a new employee, Philip C. Strassburger, as an inducement to his commencement of employment with Ocular. The award was made outside Ocular’s 2014 Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).\n\nThe stock option was granted effective as of October 5, 2020, and has an exercise price of $8.42 per share, the closing price of Ocular’s common stock on October 5, 2020. The 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 Mr. Strassburger’s employment commencement date and the remainder vesting in equal monthly installments over the three years thereafter, subject to Mr. Strassburger’s continued service to Ocular through the applicable vesting dates. The grant was approved by the Compensation Committee and each of the independent directors of Ocular Therapeutix and was made as an inducement material to his acceptance of employment with Ocular in accordance with Nasdaq Listing Rule 5635(c)(4). His stock option is subject to the terms and conditions of a stock option agreement covering the grant and Ocular’s 2019 Inducement Stock Incentive Plan.\n\nAbout Ocular Therapeutix, Inc. \n\nOcular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix’s first commercial drug product, DEXTENZA, is FDA-approved for the treatment of ocular inflammation and pain following ophthalmic surgery. Ocular Therapeutix recently completed a Phase 3 clinical trial evaluating DEXTENZA for the treatment of ocular itching associated with allergic conjunctivitis. The Company’s earlier stage development assets currently in Phase 1 trials include OTX-TIC (travoprost intracameral implant) for the reduction of intraocular pressure in patients with pr...