XenoPort Announces New Employment Inducement Awards

  XenoPort Announces New Employment Inducement Awards

Business Wire

SANTA CLARA, Calif. -- April 5, 2013

XenoPort, Inc. (Nasdaq: XNPT) reported today that equity awards were made to
eight new employees subject to the terms and conditions of the XenoPort 2010
Inducement Award Plan. The employees were granted stock options to purchase an
aggregate of 52,500 shares of XenoPort's common stock and restricted stock
units representing an aggregate of 30,500 shares of XenoPort’s common stock.
The stock options have a per share exercise price of $7.09, the closing
trading price of XenoPort’s common stock on the Nasdaq Global Select Market on
the April 1, 2013 grant date. The stock options have a ten-year term and vest
over four years, with 25% cliff vesting on the first anniversary of the
employee’s date of hire and 1/48^th of the options vesting monthly thereafter.
The restricted stock units vest in four equal annual installments on
anniversaries of the April 1, 2013 grant date. The equity awards were approved
by the independent compensation committee of XenoPort’s board of directors and
were granted as an inducement material to the new employees entering into
employment with XenoPort in accordance with Nasdaq Market Place Rule
5635(c)(4).

About XenoPort

XenoPort is a biopharmaceutical company focused on developing and
commercializing a portfolio of internally discovered product candidates for
the potential treatment of neurological disorders. Horizant^® (gabapentin
enacarbil) Extended Release Tablets  is our first approved product in the
United States. GlaxoSmithKline holds commercialization rights for Horizant in
the United States during a transition period ending on April 30, 2013,
following which XenoPort will be responsible for the further development,
manufacturing and commercialization of Horizant. Regnite^® (gabapentin
enacarbil) Extended-Release Tablets is approved and is being marketed in
Japan. Astellas Pharma Inc. holds all development and commercialization rights
for Regnite in Japan and five other Asian countries. XenoPort holds all other
world-wide rights to gabapentin enacarbil. XenoPort's pipeline of product
candidates includes potential treatments for patients with spasticity,
Parkinson's disease, relapsing-remitting multiple sclerosis and psoriasis. To
learn more about XenoPort, please visit the web site at www.XenoPort.com.

XENOPORT, Horizant and Regnite are registered trademarks of XenoPort, Inc.

XNPT2G

Contact:

XenoPort, Inc.
Jackie Cossmon, 408-616-7220
ir@XenoPort.com
 
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