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).
About XenoPort
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 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.
XNPT2G
