SANTA CLARA, Calif. -- (Business Wire)
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 150,000 shares of XenoPort's common
stock and restricted stock units representing an aggregate of 10,000
shares of XenoPort’s common stock. The stock options have a per share
exercise price of $8.41, the closing trading price of XenoPort’s common
stock on the Nasdaq Global Select Market on the February 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 February 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 Tablets is approved in the
United States for the treatment of moderate-to-severe primary restless
legs syndrome (RLS) in adults and for the management of postherpetic
neuralgia in adults. 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 for the treatment of RLS 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 and relapsing-remitting multiple
sclerosis. To learn more about XenoPort, please visit the Website at www.XenoPort.com.
XENOPORT, Horizant and Regnite are registered trademarks
of XenoPort, Inc.
Jackie Cossmon, 408-616-7220
Source: XenoPort, Inc.