PALO ALTO, Calif., Nov. 3, 2015 (GLOBE NEWSWIRE) -- Carbylan Therapeutics (NASDAQ:CBYL), a specialty pharmaceutical company focused on the development of novel and proprietary combination therapies, today announced that it has granted a one-time employment inducement stock option to John McKune, Carbylan's Corporate Controller and Principal Accounting Officer, as part of his employment offer.
Effective November 2, 2015, Carbylan granted Mr. McKune an inducement stock option exercisable for 50,000 shares of common stock. The award vests over four years from the commencement of his employment in August 2015. This award was made in accordance with the employment inducement award exemption provided by NASDAQ Rule 5635(c)(4) and was therefore not awarded under the Company's stockholder approved equity plan.
About Carbylan Therapeutics
Carbylan is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel and proprietary combination therapies that address significant unmet clinical needs. The Company's lead product candidate, Hydros-TA, is a proprietary, cross-linked combination of low dose corticosteroid and novel hyaluronic acid viscosupplement, designed to provide both rapid and sustained osteoarthritis pain relief via a single intra-articular injection.