Esperion Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Esperion (NASDAQ: ESPR) announced on November 4, 2020, the grant of 33,663 restricted stock units (RSUs) to 24 new colleagues under its 2017 Inducement Equity Incentive Plan. This plan aims to attract new employees, with RSUs vesting 25% on the first anniversary and the remaining 75% in quarterly installments. The company focuses on reducing LDL-C levels to combat cardiovascular diseases, addressing the needs of 96 million Americans with elevated LDL-C. Forward-looking statements caution potential risks including delays in clinical development and market performance.

Positive

• Grant of 33,663 RSUs to new employees aimed at attracting talent.
• Focus on developing LDL-C lowering medicines aligns with a significant market need, addressing 96 million Americans with elevated LDL-C.

Negative

• Risks associated with delays in clinical development and commercialization plans.
• Financial outlook may depend heavily on uncertain market adoption of new products.

ANN ARBOR, Mich., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) today announced that, on November 4, 2020, the Compensation Committee of Esperion’s Board of Directors granted 33,663 restricted stock units (RSUs) to 24 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.

Each RSU will vest as to twenty-five percent of the shares on the one-year anniversary of the recipient's start date, and will vest 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 RSUs are subject to the terms and conditions of Esperion’s 2017 Inducement Equity Incentive Plan, and the terms and conditions of the RSU agreement covering the grant.

Esperion Therapeutics

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 medicines that will make a substantial impact on reducing global cardiovascular disease, the leading cause of death around the world. For more information, please visit www.esperion.com and follow us on Twitter at www.twitter.com/EsperionInc.

Esperion Therapeutics’ Commitment to Patients with Hyperlipidemia

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 and stroke. In the U.S., 96 million people, or more than 37 percent of the adult population, have elevated LDL-C. There are approximately 18 million people in the U.S. living with elevated levels of LDL-C despite taking maximally tolerated lipid-modifying therapy — including individuals considered statin averse — leaving them at high risk for cardiovascular events¹. In the United States, more than 50 percent of atherosclerotic cardiovascular disease (ASCVD) patients and heterozygous familial hypercholesterolemia (HeFH) patients who are not able to reach their guideline recommended LDL-C levels with statins alone need less than a 40 percent reduction to reach their LDL-C threshold goal².

ESPERION's mission as the Lipid Management Company is to deliver oral, once-daily medicines that complement existing oral drugs to provide the additional LDL-C lowering that these patients need.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the clinical development and commercialization plans for bempedoic acid tablet and the bempedoic acid / ezetimibe fixed dose combination tablet, including ESPERION's timing, designs, plans for announcement of results regarding its CLEAR Outcomes study and other ongoing clinical studies for bempedoic acid tablet and the bempedoic acid / ezetimibe combination fixed dose tablet, timing for the review and approval of expanded indications for their effect on cardiovascular events, ESPERION's expectations for the market for medicines to lower LDL-C, including the commercial launch and market adoption of bempedoic acid tablet and the bempedoic acid / ezetimibe fixed dose combination tablet in the United States and European Union, and ESPERION’s financial outlook, including expectations for future revenues from its product sales, partnership collaborations and other sources. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause ESPERION's actual results to differ significantly from those projected, including, without limitation, delays or failures in ESPERION’s clinical development and commercialization plans, or approval of expanded indications, that existing cash resources may be used more quickly than anticipated, that Otsuka and DSE are able to successfully commercialize its products, the impact of COVID-19 on our business, clinical activities and commercial development plans, and the risks detailed in ESPERION's filings with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and ESPERION disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law.

References
(1)  Esperion market research on file: research project interviewing 350 physicians. Esperion Therapeutics, Inc. Sept-Oct 2018.
(2)  Data on file: analysis of NHANES database. Esperion Therapeutics, Inc. 2018.

Contact:
Kaitlyn Brosco
Esperion
investorrelations@esperion.com 

FAQ

What was announced in Esperion's press release on November 4, 2020?

Esperion announced the grant of 33,663 RSUs to 24 new employees under its 2017 Inducement Equity Incentive Plan.

What is the purpose of the 2017 Inducement Equity Incentive Plan?

It is designed to grant equity awards to attract individuals not previously associated with Esperion.

How will the restricted stock units (RSUs) vest?

RSUs will vest 25% on the one-year anniversary and the remainder in twelve equal quarterly installments.

What market need is Esperion addressing with its new medicines?

Esperion seeks to lower LDL-C levels in the U.S. population, where 96 million people have elevated LDL-C.

What risks does Esperion face regarding its clinical development?

The company faces risks of delays in clinical development, commercialization plans, and market performance.