XenoPort Announces New Employment Inducement Award

Published on Monday, 05 December 2011 16:34 Written by TradersHuddle Staff

SANTA CLARA, Calif.-( Business Wire )-

XenoPort, Inc. (Nasdaq:XNPT) reported today that an equity award was made to a new employee subject to the terms and conditions of the XenoPort 2010 Inducement Award Plan. The employee, Ken Chong, was granted restricted stock units representing an aggregate of 1,000 shares of XenoPort's common stock. The restricted stock units vest in four equal annual installments on anniversaries of the December 1, 2011 grant date. The equity award was approved by the independent compensation committee of XenoPort’s board of directors and was granted as an inducement material to the new employee 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 a portfolio of internally discovered product candidates for the potential treatment of neurological disorders. Horizant™ (gabapentin enacarbil) Extended-Release Tablets is XenoPort’s first FDA-approved product. GlaxoSmithKline holds commercialization rights and certain development rights for gabapentin enacarbil in the United States. Gabapentin enacarbil is also being developed in partnership with Astellas Pharma Inc. for the potential treatment of Restless Legs Syndrome in Japan. XenoPort holds all other world-wide rights and has co-promotion and certain development rights to gabapentin enacarbil in the United States. XenoPort’s pipeline of product candidates includes potential treatments for patients with neuropathic pain, spasticity and Parkinson’s disease.

To learn more about XenoPort, please visit the Web site at www.XenoPort.com.

XenoPort is a registered trademark of XenoPort, Inc.

Horizant is a trademark of GSK.

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XenoPort, Inc.Jackie Cossmon, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.