XenoPort Announces New Employment Inducement Awards
SANTA CLARA, Calif.--(BUSINESS WIRE)-- 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 1/48th 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).
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 Tabletsis 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.
Jackie Cossmon, 408-616-7220
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