Featured Company News - Aerie Expands Research Team; Set to Focus on Drug Delivery Asset Acquired from Envisia
ACCESS Newswire
LONDON, UK / ACCESSWIRE / October 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Aerie Pharmaceuticals, Inc. (NASDAQ: AERI) ("Aerie"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AERI. The Company announced on October 09, 2017, the appointment of 11 employees to its Research and Development (R&D) team located in Durham, North Carolina. Aerie specified that the new team will initially focus on preclinical activities associated with the drug delivery asset acquisition from Envisia Therapeutics Inc. ("Envisia"), announced on October 05, 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Aerie stated that in connection with the acceptance of their positions, the 11 individuals, on a combined basis, will receive awards totaling 83,700 stock options. As per the agreement, the stock options will vest over 4 years, with 25% vesting on the first anniversary of the hire date, while the remainder of the stock options vesting ratably on each of the subsequent 36 monthly anniversaries of the hire date.
The Company noted that these awards were made to these 11 individuals as an inducement material, outside of Aerie's stockholder-approved equity incentive plan and were approved by the Company's Compensation Committee, in accordance with the NASDAQ Listing Rule 5635(c)(4).
The Envisia Acquisition
On October 05, 2017, Aerie announced that it has acquired from Envisia, the rights to use the PRINT® technology in ophthalmology and certain other assets.
The PRINT® technology is a proprietary system capable of creating precisely engineered sustained release products utilizing fully-scalable manufacturing processes. Aerie intends to use this technology to accelerate the advancement of its pipeline to treat conditions in the back of the eye such as wet AMD (age-related macular degeneration) and diabetic retinopathy.
Aerie will focus on using the PRINT® technology to manufacture injectable implants containing its pre-clinical product candidate known as AR-13154, potentially in conjunction with the previously announced biodegradable polymer from DSM. Aerie noted that the PRINT® technology provides the Company with a flexible and scalable manufacturing platform to help facilitate its clinical trials for AR-13154, which it expects to initiate within the next 18 to 24 months.
Furthermore, Aerie acquired Envisia's intellectual property rights relating to ENV1105, Envisia's preclinical dexamethasone steroid product candidate for the treatment of diabetic macular edema (DME), which also utilizes the PRINT® technology.
Under the terms of the agreement, Envisia will receive an initial $25 million in the form of a combination of cash and Aerie's common stock with the potential to earn additional payments subject to achievement of certain product approval milestones.
About Aerie Pharmaceuticals
Aerie is a clinical-stage pharmaceutical Company focused on the discovery, development, and commercialization of first-in-class therapies for the treatment of patients with glaucoma and other diseases of the eye. Aerie's two current product candidates are once-daily intraocular pressure lowering therapies with novel mechanisms of action to treat patients with glaucoma or ocular hypertension.
Last Close Stock Review
At the closing bell, on Tuesday, October 10, 2017, Aerie Pharma's stock advanced 5.03%, ending the trading session at $55.35. A total volume of 1.05 million shares have exchanged hands, which was higher than the 3-month average volume of 550.33 thousand shares. The Company's stock price soared 28.27% in the past six months and 35.30% in the previous twelve months. Moreover, the stock skyrocketed 46.24% since the start of the year. The stock currently has a market cap of $2.01 billion.
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