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 1/48th 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 Rule 5635(c)(4).
About XenoPort
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.
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Copyright Business Wire 2013