XenoPort Investor Clinton Group Urges Changing Focus, CEO
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XenoPort Inc., the maker of the drug Horizant to treat restless-legs syndrome, should shift spending to an experimental multiple sclerosis treatment and replace its chief executive officer, shareholder Clinton Group Inc. said in a letter to management. The shares rose.
Clinton Group has increased its stake in the drugmaker to more than 1.3 million shares, President Greg Taxin said in the letter today addressed to XenoPort CEO Ronald Barrett, a copy of which was obtained by Bloomberg News. That stake would make Clinton Group one of Santa Clara, California-based XenoPort’s 10 largest investors, according to data compiled by Bloomberg.