Ocuphire Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

FARMINGTON HILLS, Mich., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Ocuphire Pharma, Inc. (Nasdaq: OCUP), a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing small-molecule therapies for the treatment of retinal and refractive eye disorders, today announced that the independent members of its Board of Directors approved equity awards under Ocuphire’s 2021 Inducement Plan, as a material inducement to two new employees in connection with their employment with the Company effective on January 18, 2024. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.

In connection with entering into employment with Ocuphire, the two individuals, who were not previous employees or directors of Ocuphire, received options to purchase an aggregate of 65,000 shares of the Company’s common stock. The option awards have an exercise price of $2.77 per share, the closing price of Ocuphire’s common stock on January 18, 2024. The options vest over a period of four years, with 25% vesting one year after the date of grant and the remaining 75% vesting either in equal monthly or quarterly installments thereafter, and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in each new hire’s award agreements.

About Ocuphire Pharma

Ocuphire Pharma, Inc. is a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing small-molecule therapies for the treatment of retinal and refractive eye disorders.

Ocuphire’s lead retinal product candidate, APX3330, is a first-in-class small-molecule inhibitor of Ref-1 (reduction oxidation effector factor-1 protein). Ref-1 is a regulator of the transcription factors HIF-1a and NF-kB. Inhibiting REF-1 reduces levels of vascular endothelial growth factor (“VEGF”) and inflammatory cytokines which are known to play key roles in ocular angiogenesis and inflammation. Through inhibition of Ref-1, APX3330 normalizes the levels of VEGF to physiologic levels, unlike biologics that deplete VEGF below the levels required for normal function. APX3330 is an oral tablet to be administered twice per day for the treatment of diabetic retinopathy (“DR”). A Phase 2 study in subjects with DR and an End-of-Phase 2 meeting have recently been completed, and a Special Protocol Assessment is planned to be submitted with the FDA.