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 1/48 th 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).
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.XNPT2G