Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
August 11 2017 - 4:30PM
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 August 10, 2017, the
Compensation Committee of Esperion’s Board of Directors granted
non-qualified stock options to purchase an aggregate of 44,000
shares of its common stock to four 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 $48.14 per
share, which is equal to the closing price of Esperion’s common
stock on August 10, 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 / Ezetimibe Combination
Through the complementary mechanisms of action
of inhibition of cholesterol synthesis (bempedoic acid) and
inhibition of cholesterol absorption (ezetimibe), the bempedoic
acid / ezetimibe combination pill is our lead, non-statin, orally
available, once-daily, LDL-C lowering therapy. Inhibition of ATP
Citrate Lyase (ACL) by bempedoic acid reduces cholesterol
biosynthesis and lowers LDL-C by up-regulating the LDL receptor.
Inhibition of Niemann-Pick C1-Like 1 (NPC1L1) by ezetimibe results
in reduced absorption of cholesterol from the gastrointestinal
tract, thereby reducing delivery of cholesterol to the liver, which
in turn upregulates LDL receptors. Previously completed Phase 2
data demonstrated that this safe and well tolerated combination
results in a 48 percent lowering of LDL-C, a 26 percent reduction
in high sensitivity C-reactive protein (hsCRP), and may potentially
be associated with a lower occurrence of muscle-related side
effects.
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 1,200
patients and over 800 patients treated with bempedoic acid have
produced clinically relevant LDL-C lowering results of up to 30
percent as monotherapy 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 convenient, cost-effective, complementary, orally
available, LDL-C lowering therapies in Phase 3 development: 1) a
once-daily, oral bempedoic acid / ezetimibe combination pill, and
2) bempedoic acid, a once-daily, oral pill.
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 cardiovascular disease; the leading cause of death around
the world. Bempedoic acid and the company's lead product candidate,
the bempedoic acid / ezetimibe combination, are targeted therapies
that have 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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