Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
19 May 2017 - 6:30AM
Esperion Therapeutics, Inc. (NASDAQ:ESPR), the Lipid Management
Company focused on developing and commercializing convenient,
complementary, cost-effective, once-daily, oral therapies for the
treatment of patients with elevated low density lipoprotein
cholesterol (LDL-C), today announced that, on May 16, 2017, the
Compensation Committee of Esperion’s Board of Directors granted
non-qualified stock options to purchase an aggregate of 102,000
shares of its common stock to eight new colleagues under Esperion’s
2017 Inducement Equity Incentive Plan.
The 2017 Inducement Equity Incentive Plan is used exclusively
for the grant of equity awards to individuals who were not
previously an employee or non-employee director of Esperion (or
following a bona fide period of non-employment), as an inducement
material to such individual's entering into employment with
Esperion, pursuant to Rule 5635(c)(4) of the NASDAQ Listing
Rules.
The options have an exercise price of $37.31 per share, which is
equal to the closing price of Esperion’s common stock on May 16,
2017. Each option will vest and become exercisable as to
twenty-five percent of the shares on the one year anniversary of
the recipient's start date, and will vest and become exercisable as
to the remaining 75 percent of the shares in twelve equal quarterly
installments at the end of each quarter following the anniversary,
in each case, subject to each such employee's continued employment
with Esperion on such vesting dates. The options are subject to the
terms and conditions of Esperion’s 2017 Inducement Equity Incentive
Plan, and the terms and conditions of a stock option agreement
covering the grant.
Bempedoic Acid
With a targeted mechanism of action, bempedoic
acid is a first-in-class, orally available, once-daily ACL
inhibitor that reduces cholesterol biosynthesis and lowers elevated
levels of LDL-C by up-regulating the LDL receptor, and may
potentially be associated with a lower occurrence of muscle-related
side effects. Completed Phase 1 and 2 studies in more than 800
patients treated with bempedoic acid have produced clinically
relevant LDL-C lowering results of up to 30 percent as monotherapy,
approximately 50 percent in combination with ezetimibe, and an
incremental 20+ percent when added to stable statin therapy.
Esperion's Commitment to Patients with
Hypercholesterolemia
In the United States, 78 million people, or more
than 20 percent of the population, have elevated LDL-C; an
additional 73 million people in Europe and 30 million people in
Japan also live with elevated LDL-C. Esperion's mission as the
Lipid Management Company is to provide patients and physicians with
convenient, complementary, cost-effective, once-daily, oral
therapies to significantly reduce elevated levels of LDL-C in
patients inadequately treated with current lipid-modifying
therapies. It is estimated that 40 million patients in the
U.S. are taking statins with approximately 5-20 percent of
these patients only able to tolerate less than the lowest approved
daily starting dose of their statin and considered statin
intolerant. Esperion-discovered and developed, bempedoic acid is a
targeted LDL-C lowering therapy in Phase 3 development. The Company
has two Phase 3 products in development: 1) bempedoic acid
(monotherapy) an oral, once-daily pill, and 2) an, oral, once-daily
fixed dose combination pill of bempedoic acid and ezetimibe
(BA+EZ).
The Lipid Management Company
Esperion Therapeutics, Inc. is the Lipid
Management Company passionately committed to developing and
commercializing convenient, complementary, cost-effective,
once-daily, oral therapies for the treatment of patients with
elevated LDL-C. Through scientific and clinical excellence, and a
deep understanding of cholesterol biology, the experienced lipid
management team at Esperion is committed to developing new LDL-C
lowering therapies that will make a substantial impact on reducing
global CVD; the leading cause of death around the world. Bempedoic
acid, the Company's lead product candidate, is a targeted therapy
that has been shown to significantly reduce elevated LDL-C levels
in patients with hypercholesterolemia, including patients
inadequately treated with current lipid-modifying therapies. For
more information, please visit www.esperion.com and
follow us on Twitter at https://twitter.com/EsperionInc.
Media Contact:
Elliot Fox
W2O Group
212.257.6724
efox@w2ogroup.com
Investor Contact:
Mindy Lowe
Esperion Therapeutics, Inc.
734.887.3903
mlowe@esperion.com
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