Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
August 10 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 August 9, 2018, the Compensation Committee
of Esperion’s Board of Directors granted non-qualified stock
options to purchase an aggregate of 167,500 shares of its common
stock and 4,000 restricted stock units (RSUs) to seven 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 $46.22 per
share, which is equal to the closing price of Esperion’s common
stock on August 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 the stock option and RSU 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 ATP
Citrate Lyase (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 more than 4,100
patients, and over 2,700 patients treated with bempedoic acid have
produced 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.
The effect of bempedoic acid on cardiovascular morbidity and
mortality has not yet been determined. The company initiated a
global cardiovascular outcomes trial (CVOT) to assess the effects
of bempedoic acid on the occurrence of major cardiovascular events
in patients with, or at high risk for, cardiovascular disease (CVD)
who are only able to tolerate less than the lowest approved daily
starting dose of a statin and considered "statin intolerant." The
CVOT — known as Cholesterol Lowering via Bempedoic Acid,
an ACL-inhibiting Regimen (CLEAR) Outcomes — is an
event-driven, global, randomized, double-blind, placebo-controlled
study expected to enroll approximately 12,600 patients with
hypercholesterolemia and high CVD risk at up to 1,000 sites in
approximately 30 countries.
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 U.S., 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 lower 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:Alex SchwartzEsperion Therapeutics,
Inc.734.887.3903aschwartz@esperion.com
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