22 December 2021 21:01 UTC
DURHAM, North Carolina – (BUSINESS WIRE) – Aerie Pharmaceuticals, Inc. (NASDAQ: AERI), an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of first-class therapies for the treatment of patients with open-angle glaucoma, ocular surface diseases and diseases of the retina, today announces an incentive grant to Chief Executive Officer, Raj Kannan, appointed on December 16, 2021 with an entry date of December 20, 2021.
As part of his acceptance of the CEO position, and in accordance with the terms of Mr. Kannan’s employment contract, Mr. Kannan will receive incentive stock awards with a fair value on the grant date of 5 , $ 5 million in total. These prizes will be awarded in two parts. The first series of grants, granted on December 20, 2021 and representing $ 3.5 million in fair value on the grant date, consists of 387,169 stock options that will vest over 4 years, 25 % vested on the first anniversary of its start date and the remainder vested pro rata on each of the 36 monthly anniversaries following its start date, and 215,783 restricted shares which will vest in substantially equal installments on each of the first four anniversaries of its start date. The second round of awards, representing $ 2.0 million in fair value at the date of the award, will be awarded at the same time as other senior executives receive an annual stock award in February 2022, of which 50% of the value will be assigned in the form of shares. options that will vest over 4 years, 25% vesting on the first anniversary of the grant date and the remainder vesting on a pro rata basis on each of the 36 subsequent monthly anniversaries of the grant date, and 50% of the value will be awarded in in the form of free shares allocated on the basis of performance, the vesting conditions of which remain subject to the determination of the Compensation Committee of the Board of Directors of the Company.
These awards are made outside of the stock incentive plan approved by Aerie shareholders and have been approved by the independent directors of the Company as an incentive for the hiring of Mr. Kannan by the Company under Nasdaq Listing Rule 5635 (c) (4), which requires this public announcement.
About Aerie Pharmaceuticals, Inc.
Aerie is an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of leading / best-in-class therapies for the treatment of patients with eye diseases and conditions including open-angle glaucoma, dryness ocular, diabetic macular edema and age-related wet macular degeneration. Aerie has two approved products, two programs ready for phase 3 and an ongoing research program. You can find more information about Aerie’s products at www.rhopressa.com and www.rocklatan.com. Aerie’s first product, Rhopressa® (netarsudil ophthalmic solution) 0.02%, a once-daily eye drops approved by the United States Food and Drug Administration (FDA) for the reduction of elevated intraocular pressure (IOP) in patients with angle glaucoma open or ocular hypertension, was launched in the United States in April 2018. In clinical trials of Rhopressa®, the most common adverse reactions were conjunctival hyperemia, corneal whorls, instillation site pain and conjunctival hemorrhage. More information on Rhopressa®, including the product label, is available at www.rhopressa.com. Aerie’s second product for the reduction of elevated IOP in patients with open-angle glaucoma or ocular hypertension, Rocklatan® (netarsudil and latanoprost ophthalmic solution) 0.02% / 0.005%, the first and only fixed-dose combination of Rhopressa® and the widely prescribed latanoprost PGA (prostaglandin analogue), was launched in the United States in May 2019. In clinical trials of Rocklatan®, the most common adverse reactions were conjunctival hyperemia, corneal whorls, instillation site pain and conjunctival hemorrhage. More information on Rocklatan®, including the product label, is available at www.rocklatan.com. Aerie continues to focus on the research and development of additional product candidates and technologies in ophthalmology. Rhopressa® and Rocklatan® are registered trademarks of Aerie. More information is available at www.aeriepharma.com.
This press release contains forward-looking statements for the purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may, in certain cases, use terms such as “predict”, “believe”, “potential “,” Proposed “,” continue “,” estimate “,” anticipate “,” expect “,” plan “,” intend “,” could “,” could “,” could “,” could ”,“ should ”,“ should ”,“ explore ”,“ pursue ”or other words which convey uncertainty of future events or results to identify such forward-looking statements. Forward-looking statements in this release include statements regarding our intentions, beliefs, projections, outlook, analysis or current expectations regarding, among others: the duration and severity of the coronavirus disease (COVID-19) outbreak, including the ” impact on our and business operations, demand for our products, our financial results and the state of our global supply chains; our expectations regarding the marketing and manufacture of Rhopressa®, Rocklatan®, Rhokiinsa® and Roclanda® or any product candidate, preclinical implant or future product candidate, including the success of any partnership or collaboration entered into in this regard, including any collaboration and license agreements entered into with Santen, and the timing, cost or other aspects their commercial launch; our marketing, marketing, manufacturing and supply management capabilities and strategies in the United States and abroad; the success, timing and cost of our ongoing and planned preclinical studies and clinical trials for Rhopressa® and Rocklatan®, with respect to regulatory approval outside of the United States, and all product candidates, preclinical implants, or future product candidates, including statements regarding the timing of initiation and completion of studies and trials; our expectations regarding the effectiveness of Rhopressa®, Rocklatan®, Rhokiinsa®, Roclanda® or any product candidate, preclinical implant or future product candidate; when and our ability to seek, obtain and maintain FDA or other regulatory approval or other action regarding, if any, Rhopressa®, Rocklatan® or any product candidate, preclinical implant or future product candidate; the potential benefits of Rhopressa® and Rocklatan® or any current or future candidate product; our plans to continue the development of additional product candidates and technologies; our plans to explore possible uses of our existing proprietary compounds beyond glaucoma, including the development of our retina program; our ability to protect our proprietary technology and enforce our intellectual property rights or develop new intellectual property; and our expectations regarding strategic operations, including our ability to license or acquire additional ophthalmic products, product candidates or technologies. In particular, the statements contained in this press release regarding our development and commercialization agreements with Santen, and the payments relating thereto, are forward-looking statements. In addition, the FDA approval of Rhopressa® and Rocklatan® and EMA approval of Rhokiinsa® and Roclanda® do not constitute regulatory approval of Rhopressa® and Rocklatan® in other jurisdictions including EMA approval of Rhokiinsa® and Roclanda®, and there can be no assurance that we will obtain regulatory approval for Rhopressa® and Rocklatan® in these other jurisdictions. In addition, the FDA approval of Rhopressa® and Rocklatan® do not constitute FDA approval for our product candidates, preclinical implants, or future product candidates, and there can be no assurance that we will receive FDA approval for our product candidates, preclinical implants, or future product candidates. By their nature, forward-looking statements involve risks and uncertainties as they relate to events, competitive dynamics, changes in the industry and other factors beyond our control, and depend on regulatory approvals and economic and environmental circumstances that may or may not occur in the future or may occur within longer or shorter time frames than expected. We discuss many of these risks in more detail under the heading “Risk Factors” in the quarterly and annual reports that we file with the Securities and Exchange Commission (SEC). Forward-looking statements are not guarantees of future performance and our actual results of operations, our financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this press release. All forward-looking statements we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
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