EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed
to developing and commercializing therapeutics to improve the lives
of patients with retinal diseases, today announced the appointment
of Stuart Duty to its Board of Directors and the promotion of
George Elston to Executive Vice President.
“We are excited to welcome Mr. Duty to our Board
of Directors,” said Jay S. Duker, M.D., President and Chief
Executive Officer of EyePoint Pharmaceuticals. “Stuart is a
seasoned veteran in biotech finance and investment banking, and we
plan to leverage his broad expertise working with biopharmaceutical
companies during this critical period of EyePoint’s development. We
look forward to benefitting from his strategic insight as we
continue to advance our pipeline through key milestones over the
coming quarters, including the topline Phase 2 DAVIO 2 data readout
for EYP-1901 in wet age-related macular degeneration (AMD)
anticipated in December.”
Dr. Duker continued, “George Elston has been
instrumental to EyePoint’s organizational growth, financial
success, and strategic long-term vision since he joined the company
four years ago. His promotion to Executive Vice President
underscores the invaluable role that he has played in EyePoint’s
successful track record of execution, utilizing his financial
prowess to advance the company’s growing pipeline through
development and to build a strong balance sheet. George also drove
the acquisition of key assets for our pipeline including
razuprotafib, the active drug in EYP-2301, our latest pipeline
program. On behalf of the entire leadership team, we congratulate
George and look forward to his continued contributions to EyePoint
as we continue to build value for our shareholders during this
exciting time in the company’s growth.”
Stuart Duty, Board of
Directors
Stuart Duty is an experienced financial
executive with over 30 years of experience in finance and
investment banking. Mr. Duty has focused primarily on biotechnology
and specialty pharmaceuticals clients for much of his career,
advising senior executives and boards on a range of financing
activities and strategic transactions. Mr. Duty was most recently a
Senior Managing Director at Guggenheim Securities, LLC. Previously,
he held senior roles at Piper Jaffray and Montgomery Securities,
and held operating roles at Oracle Partners and Curative
Technologies. Mr. Duty holds a B.A. in Biochemistry from Occidental
College and an M.B.A. from Harvard Business School.
“I am delighted to join EyePoint’s Board of
Directors at such an exciting time for the Company, as EYP-1901
rapidly approaches multiple upcoming data readouts in wet AMD and
non-proliferative diabetic retinopathy,” said Mr. Duty. “I am
inspired by and share EyePoint’s commitment to improving clinical
outcomes for patients facing a great unmet need for
sustained-delivery options, and I look forward to working closely
with my fellow Board members to support the Company’s strategic
objectives as it continues to advance its innovative ophthalmic
pipeline.”
George Elston, Executive Vice President
and Chief Financial Officer
“I am honored to take on this role at EyePoint
as we work to bring innovative ocular solutions to patients,” said
Mr. Elston. “EyePoint has built a tremendous foundation and a track
record of reliable execution, and I am eager to drive the company’s
continued evolution as we deliver upon EyePoint’s goal of being the
leader in innovating ocular sustained-delivery treatments.”
Mr. Elston joined EyePoint in 2019 as Chief
Financial Officer & Head of Corporate Development. He brings
more than 30 years of experience in financial and biopharmaceutical
experience, with particular expertise in financial, capital markets
and corporate development initiatives. Prior to EyePoint, Mr.
Elston served as Chief Financial Officer & Head of Corporate
Development at Enzyvant Therapeutics, where he helped build the
rare disease firm, leading to its eventual acquisition. He
previously served as President and Chief Executive Officer at 2X
Oncology, Inc., where he advanced the company from a spin-out into
a multiprogram, clinical-stage organization, and held senior
executive roles at Juniper Pharmaceuticals, Inc.; KBI Biopharma;
and Optherion, Inc. Mr. Elston began his career in public
accounting at PriceWaterhouseCoopers. He holds a B.B.A in
Accounting from Pace University and is a Certified Public
Accountant. Mr. Elston currently serves as a Board Member of the
DWS – DBX ETF Trust.
Inducement Grant under Nasdaq Listing
Rule 5635(c)(4)
In addition, the Company has granted stock
options to purchase up to 15,000 shares of EyePoint Pharmaceuticals
common stock to one new employee as an inducement award outside the
Company’s 2023 Long-Term Incentive Plan. The stock options were
granted on October 13, 2023. The grant was approved by the
Company’s Compensation Committee and made as an inducement material
to the employee entering into employment with EyePoint
Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4).
The option award has an exercise price of $8.10 per share, the
closing price of EyePoint Pharmaceuticals’ common stock on October
13, 2023. The options have a ten-year term and vest over four
years, with 25% of the original number of shares vesting on the
first anniversary of the employee’s date of grant and the remainder
vesting in equal monthly installments over the following three
years. Vesting of the options is subject to the employee’s
continued service with the Company through the applicable vesting
dates.
About EyePoint
Pharmaceuticals
EyePoint Pharmaceuticals (Nasdaq: EYPT) is a
company committed to developing and commercializing therapeutics to
help improve the lives of patients with retinal diseases. The
Company's pipeline leverages its proprietary erodible Durasert E™
technology for sustained intraocular drug delivery including
EYP-1901, an investigational sustained delivery intravitreal
anti-VEGF treatment currently in Phase 2 clinical trials. The
proven Durasert® drug delivery platform has been safely
administered to thousands of patients' eyes across four U.S. FDA
approved products. EyePoint Pharmaceuticals is headquartered in
Watertown, Massachusetts. For more information visit
www.eyepointpharma.com.
EYEPOINT SAFE HARBOR STATEMENTS UNDER THE
PRIVATE SECURITIES LITIGATION ACT OF 1995: To the extent any
statements made in this press release deal with information that is
not historical, these are forward-looking statements under the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements regarding the
sufficiency of our existing cash resources into 2025; our plans and
any other statements about future expectations, prospects,
estimates and other matters that are dependent upon future events
or developments, including statements containing the words “will,”
“potential,” “could,” “can,” “believe,” “intends,” “continue,”
“plans,” “expects,” “anticipates,” “estimates,” “may,” other words
of similar meaning or the use of future dates. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. Uncertainties and risks may cause EyePoint’s
actual results to be materially different than those expressed in
or implied by EyePoint’s forward-looking statements. For EyePoint,
this includes uncertainties regarding the timing and clinical
development of our product candidates, including EYP-1901; the
potential for EYP-1901 as a novel sustained delivery treatment for
serious eye diseases, including wet age-related macular
degeneration, non-proliferative diabetic retinopathy and diabetic
macular edema; the effectiveness and timeliness of clinical trials,
and the usefulness of the data; the timeliness of regulatory
approvals; our ability to realize the anticipated benefits of the
2023 sale of YUTIQ® to Alimera Sciences including our potential to
receive additional payments from Alimera pursuant to the our
agreements with Alimera; our ability to manufacture YUTIQ in
sufficient quantities pursuant to our commercial supply agreements
with Alimera and Ocumension Therapeutics; the success of current
and future license agreements, including our agreements with
Alimera, Ocumension, Equinox Science and Betta Pharmaceuticals;
termination or breach of current and future license agreements; our
dependence on contract research organizations, co-promotion
partners, and other outside vendors and service providers; effects
of competition; market acceptance of our products, including our
out-licensed products; product liability; industry consolidation;
compliance with environmental laws; risks and costs of
international business operations; volatility of stock price;
possible dilution; the impact of instability in general business
and economic conditions, including changes in inflation, interest
rates and the labor market; the extent to which COVID-19 impacts
our business and the medical community; protection of our
intellectual property and avoiding intellectual property
infringement; retention of key personnel; manufacturing risks; the
sufficiency of the Company’s cash resources and need for additional
financing; and other factors described in our filings with the
Securities and Exchange Commission. We cannot guarantee that the
results and other expectations expressed, anticipated or implied in
any forward-looking statement will be realized. A variety of
factors, including these risks, could cause our actual results and
other expectations to differ materially from the anticipated
results or other expectations expressed, anticipated, or implied in
our forward-looking statements. Should known or unknown risks
materialize, or should underlying assumptions prove inaccurate,
actual results could differ materially from past results and those
anticipated, estimated, or projected in the forward-looking
statements. You should bear this in mind as you consider any
forward-looking statements. Our forward-looking statements speak
only as of the dates on which they are made. EyePoint undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Investors:Christina
TartagliaStern IRDirect:
212-698-8700christina.tartaglia@sternir.com
Media Contact:Amy PhillipsGreen
Room CommunicationsDirect:
412-327-9499aphillips@greenroompr.com
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