WATERTOWN, Mass., July 13, 2020 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a pharmaceutical company committed to developing and commercializing innovative ophthalmic products, today announced the appointment of Jay S. Duker, M.D., as Chief Strategic Scientific Officer. In this newly created role, Dr. Duker will lead the strategic advancement of our research and development efforts, beginning with our lead development candidate EYP-1901 for wet age-related macular degeneration (wet AMD) and new pipeline expansion opportunities under evaluation. In conjunction with this appointment, Dr. Duker has stepped down from the Company’s Board of Directors after four years of service to focus on this newly created role. Dr. Duker will serve in this role on a part time basis while continuing his ongoing retinal practice and serving as the Chair of Ophthalmology at Tufts Medical Center and the Tufts University School of Medicine.

“Dr. Jay Duker is an ophthalmology pioneer and highly regarded retinal disease expert. We are delighted to have Jay join our executive team as our Chief Strategic Scientific Officer bringing his world class experience as a retinal specialist to EYP-1901, our lead development candidate that we believe can alter the treatment paradigm for wet AMD, as this important program progresses toward the clinic,” said Nancy Lurker, President and Chief Executive Officer of EyePoint Pharmaceuticals. “Jay’s extensive experience treating and leading research efforts for retinal diseases will also be extremely beneficial as we look to expand our ocular disease pipeline by leveraging the extended delivery capability of our two technology platforms, Durasert® and Verisome®?, as well as assessing additional in-licensing opportunities.”

“I am very excited about the potential for EYP-1901 as a single injection six-month treatment option to provide a long-lasting, effective, safe and convenient therapy for wet AMD patients,” said Dr. Duker. “I look forward to leading EyePoint’s efforts to drive EYP-1901 toward the clinic as we prepare for an Investigational New Drug (IND) application later this year followed quickly by the initiation of a Phase 1 trial. I expect that EYP-1901 represents the first in a series of potential new pipeline programs using our Durasert and Verisome technologies, and I am excited to help lead the evaluation and implementation of these programs.”

Dr. Duker brings more than thirty years of ophthalmology experience to EyePoint with roles held in the clinical, research, business, and academic settings. Dr. Duker is the Director of the New England Eye Center. He is also Professor and Chair of Ophthalmology at Tufts Medical Center and Tufts University School of Medicine. He has published more than 300 journal articles related to ophthalmology and is co-author of Yanoff and Duker’s Ophthalmology, a best-selling ophthalmic text. Dr. Duker is co-founder of three companies, including Hemera Biosciences, a privately held company seeking to develop anti-complement gene therapy-based treatment for dry macular degeneration. In addition, Dr. Duker is currently the Chairman of the Board of Sesen Bio, a publicly traded clinical stage biopharmaceutical company advancing a pipeline of fusion proteins for cancer indications whose most advanced product is Vicineum, a novel therapy for bladder cancer. Dr. Duker received an A.B. from Harvard University and an M.D. from the Jefferson Medical College of Thomas Jefferson University.

Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
In connection with the hiring of Dr. Duker, the Compensation Committee of Eyepoint Pharmaceutical’s Board of Directors granted stock options to purchase an aggregate of 250,000 shares of common stock as an inducement award material to Dr. Duker entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price equal to the closing price of EyePoint's common stock on July 13, 2020, and will vest as follows: 25% on the first anniversary and monthly through the fourth anniversary of the date of grant, subject to the terms of grant.

About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals, Inc. (www.eyepointpharma.com) is a pharmaceutical company committed to developing and commercializing innovative ophthalmic products in indications with high unmet medical need to help improve the lives of patients with serious eye disorders. The Company currently has two commercial products: DEXYCU®, the first approved intraocular product for the treatment of postoperative inflammation, and YUTIQ®, a three-year treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. The Company's pipeline leverages its proprietary bioerodible Durasert® technology for extended intravitreal drug delivery including EYP-1901, a VEGF inhibitor, targeting wet age-related macular degeneration, diabetic retinopathy and retinal vein occlusion. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts with offices in Basking Ridge, New Jersey. To learn more about the Company, please visit www.eyepointpharma.com and connect on Twitter and LinkedIn.