XenoPort Announces New Employment Inducement Awards
SANTA CLARA, Calif. -- August 2, 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 22,000 shares of XenoPort's common stock and restricted stock
units representing an aggregate of 13,500 shares of XenoPort’s common stock.
The stock options have a per share exercise price of $5.42, the closing
trading price of XenoPort’s common stock on the Nasdaq Global Select Market on
the August 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 August 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
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. XenoPort is currently
commercializing Horizant^® (gabapentin enacarbil) Extended-Release Tablets,
its first approved product in the United States, and developing a novel
fumaric acid ester product candidate, XP23829, as a potential treatment for
relapsing-remitting multiple sclerosis and/or psoriasis. Regnite^® (gabapentin
enacarbil) Extended-Release Tablets is being marketed in Japan by Astellas
Pharma Inc. XenoPort's pipeline of product candidates also includes potential
treatments for patients with spasticity related to spinal cord injury and
Parkinson's disease. To learn more about XenoPort, please visit the company
Website at www.XenoPort.com.
Horizant, Regnite and XENOPORT are registered trademarks of XenoPort, Inc.
Jackie Cossmon, 408-616-7220
Press spacebar to pause and continue. Press esc to stop.