Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
April 13 2018 - 4:30PM
Esperion (NASDAQ:ESPR), the Lipid Management Company focused on
developing and commercializing complementary, convenient,
cost-effective, once-daily, oral therapies for the treatment of
patients with elevated low density lipoprotein cholesterol (LDL-C),
today announced that, on April 9, 2018, the Compensation Committee
of Esperion’s Board of Directors granted two new employees (i)
non-qualified stock options to purchase an aggregate of 160,000
shares of its common stock, including a grant to purchase 135,000
shares of common stock granted to Mark A. Glickman, the Company’s
newly appointed Chief Commercial Officer, and (ii) 20,000
restricted stock units (RSUs), all of which were awarded to Mr.
Glickman, 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 $67.29 per
share, which is equal to the closing price of Esperion’s common
stock on April 9, 2018. Each option and RSU 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 and RSUs 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 Pill
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 the
LDL receptors. Previously completed Phase 2 data demonstrated that
this safe and well tolerated combination results in a 48 percent
lowering of LDL-C, and a 26 percent reduction in high sensitivity
C-reactive protein (hsCRP).
Bempedoic Acid
With a targeted mechanism of action, bempedoic acid is a
first-in-class, complementary, orally available, once-daily ACL
inhibitor that reduces cholesterol biosynthesis and lowers LDL-C by
up-regulating the LDL receptor. Similar to statins, bempedoic acid
also reduces hsCRP, a key marker of inflammation associated with
cardiovascular disease. Completed Phase 1, Phase 2 and Phase 3
studies conducted in approximately 1,600 patients, and close to
1,000 patients treated with bempedoic acid, have produced LDL-C
lowering results of up to 30 percent as monotherapy and an
incremental 20+ percent when added to stable statin therapy. The
effect of bempedoic acid on cardiovascular morbidity and mortality
has not yet been determined.
Esperion’s Commitment to Patients with
Hypercholesterolemia
High levels of LDL-C can lead to a build-up of fat and
cholesterol in and on artery walls (known as atherosclerosis),
potentially leading to cardiovascular events, including heart
attack or stroke. 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. There are approximately 13
million people in the U.S. with atherosclerotic cardiovascular
disease (ASCVD) who live with elevated levels of LDL-C despite
taking maximally-tolerated lipid-modifying therapy — including
individuals considered statin intolerant — leaving them at high
risk for cardiovascular events. The vast majority of these
patients, 9.5 million, require less than 30 percent additional
LDL-C lowering to achieve treatment goals.
Esperion's mission as the Lipid Management Company is to deliver
once-daily, oral therapies that complement existing oral drugs to
provide the additional LDL-C lowering that these patients need.
The Lipid Management Company
Esperion is the Lipid Management Company
passionately committed to developing and commercializing
complementary, convenient, 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 pill, 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 FoxW2O
Group212.257.6724efox@w2ogroup.com
Investor Contact: Audrey GrossW2O Group212.301.7214
agross@w2ogroup.com
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