Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
October 18 2018 - 5:00PM
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 October 16, 2018, the Compensation
Committee of Esperion’s Board of Directors granted non-qualified
stock options to purchase an aggregate of 98,375 shares of its
common stock to three 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 $49.91 per
share, which is equal to the closing price of Esperion’s common
stock on October 16, 2018. 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
the 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. Phase 3 data demonstrated
that this safe and well tolerated combination results in a 35
percent lowering of LDL-C, and a 34 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 2 and Phase 3 studies conducted in almost 4,800
patients, and approximately 2,900 patients treated with bempedoic
acid, have produced LDL-C lowering results of up to 30 percent as
monotherapy, 35 percent in combination with ezetimibe on maximally
tolerated statins, 48 percent in combination with ezetimibe as
monotherapy, and an additional 20 percent on maximally tolerated
statins.
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. More than 6 million
patients with ASCVD and/or HeFH on maximally tolerated statins
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 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 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.
Investor Contact: Alex SchwartzEsperion
Therapeutics, Inc.734.887.3903aschwartz@esperion.com
Media Contact:Elliot FoxW2O
Group212.257.6724efox@w2ogroup.com
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