SANTA CLARA, Calif.--(BUSINESS WIRE)--Jun. 4, 2012-- XenoPort, Inc. (Nasdaq:XNPT) announced today that it has promoted Vincent J. Angotti to the newly created role of Executive Vice President, Chief Operating Officer, with responsibilities for commercialization, legal, human resources, information technology, facilities, finance and investor relations. Mr. Angotti previously held the position of Senior Vice President, Chief Commercialization Officer. In addition, Gregory T. Bates, D.V.M., previously Vice President of Regulatory Affairs, has been promoted to the role of Senior Vice President, Regulatory Affairs and Quality.
Ronald W. Barrett, Ph.D., chief executive officer of XenoPort, stated, "Vince and Greg have made tremendous contributions to XenoPort over the last several years. I look forward to working with them in their new roles as we seek to complete our Phase 3 arbaclofen placarbil (AP) trial and aggressively pursue the development of XP23829 for potential treatments in relapsing-remitting multiple sclerosis and psoriasis. Vince and Greg's contributions will be paramount as we prepare for a possible NDA submission to the FDA for AP and then, hopeful commercialization of AP in the United States."
XenoPort also announced today that it will be restructuring its workforce to better align with the workload in certain functional areas of the company, which will result in the elimination of 18 positions as the company completes certain projects in its development programs. The company estimates that it will incur total charges of approximately $1.4 million in the second quarter of 2012 in connection with the restructuring, including $0.8 million related to severance and other one-time termination benefits and $0.6 million in continuation of salary and benefits of certain employees until their work is completed and their positions are eliminated.
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 XenoPort's first U.S. Food and Drug Administration-approved product. GlaxoSmithKline holds commercialization rights and certain development rights for Horizant in the United States. Regnite® (gabapentin enacarbil) Extended-Release Tablets is approved for the treatment of moderate-to-severe primary restless legs syndrome 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 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 postherpetic neuralgia, spasticity and Parkinson's disease.
To learn more about XenoPort, please visit the company Website at http://www.XenoPort.com.
This press release contains "forward-looking" statements, including, without limitation, all statements related to the potential completion of XenoPort's AP Phase 3 clinical trial; the possible submission of a New Drug Application to the FDA for AP; XenoPort's future XP23829 development plans; the potential suitability of XP23829 as a treatment for relapsing-remitting multiple sclerosis and psoriasis; the therapeutic and commercial potential of XenoPort's clinical product candidates; and estimated charges and related cash expenditures from restructuring activities. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "estimates," "hopeful," "possible," "potential," "seek," "will" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon XenoPort's current expectations. Forward-looking statements involve risks and uncertainties. XenoPort's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to XenoPort's ability to successfully conduct clinical trials in the anticipated timeframes, or at all; the uncertainty of the FDA approval process and other regulatory requirements; XenoPort's dependence on its current and additional collaborative partners; and the uncertain therapeutic and commercial value of XenoPort's product candidates. These and other risk factors are discussed under the heading "Risk Factors " in XenoPort's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed with the Securities and Exchange Commission on May 8, 2012. In addition, the costs related to the XenoPort's workforce restructuring may be greater than anticipated and the workforce restructuring and any future workforce or other expense reductions may have an adverse impact on XenoPort's business. XenoPort expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
XENOPORT is a registered trademark of XenoPort, Inc.
Horizant is a registered trademark of GSK.
Regnite is a registered trademark of Astellas.
Source: XenoPort, Inc.
Jackie Cossmon, 408-616-7220