XenoPort Announces New Employment Inducement Awards
SANTA CLARA, Calif. -- May 3, 2013
XenoPort, Inc. (Nasdaq: XNPT) reported today that equity awards were made to
two 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 36,500 shares of XenoPort's common stock and restricted stock
units representing an aggregate of 10,500 shares of XenoPort’s common stock.
The stock options have a per share exercise price of $6.00, the closing
trading price of XenoPort’s common stock on the Nasdaq Global Select Market on
the May 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 May 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
XenoPort, Inc. 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, XenoPort’s internally discovered drug, is
approved and being marketed by XenoPort in the United States. 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
Horizant, Regnite and XENOPORT are registered trademarks of XenoPort, Inc.
Jackie Cossmon, 408-616-7220
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