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Ophthotech : Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

09/02/2015 | 07:31am US/Eastern

Ophthotech Corporation (NASDAQ:OPHT) today reported that in connection with the appointment of Henric Bjarke, Senior Vice President and Chief Commercial Officer, the Company entered into an employment arrangement with Mr. Bjarke which provided for the grant of an inducement equity award outside the Company’s Stock Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

On August 31, 2015, the Company granted Mr. Bjarke a non-statutory stock option to purchase 120,000 shares of the Company’s common stock. The grant was made pursuant to the NASDAQ inducement grant exception as a component of Mr. Bjarke’s employment compensation. The inducement grant was approved and recommended by Ophthotech’s Compensation Committee, approved by the Board of Directors and was made as an inducement material to Mr. Bjarke’s acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

The stock option granted to Mr. Bjarke has an exercise price of $44.03 per share, equal to the closing price of Ophthotech’s common stock on August 31, 2015. The stock option has a ten year term and vests over four years, with 25% of the original number of shares vesting on August 31, 2016 and an additional 2.0833% of the original number of shares vesting at the end of each successive month thereafter, subject to Mr. Bjarke’s continued service with the Company through the applicable vesting dates.

About Ophthotech Corporation

Ophthotech is a biopharmaceutical company specializing in the development of novel therapeutics to treat back of the eye diseases, with a focus on developing innovative therapies for age-related macular degeneration (AMD). Ophthotech's most advanced product candidate, Fovista® anti-PDGF therapy, is in Phase 3 clinical trials for use in combination with anti-VEGF therapy that represents the current standard of care for the treatment of wet AMD. Ophthotech's second product candidate, Zimura®, an inhibitor of complement factor C5, is being developed for the treatment of geographic atrophy, a form of dry AMD. For more information, please visit www.ophthotech.com.

Forward-looking Statements

Any statements in this press release about Ophthotech's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Any forward-looking statements represent Ophthotech's views only as of the date of this press release. Ophthotech anticipates that subsequent events and developments will cause its views to change. While Ophthotech may elect to update these forward-looking statements at some point in the future, Ophthotech specifically disclaims any obligation to do so.

OPHT-G


© Business Wire 2015
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