|
 The company also said on Thursday that Ronald Barrett, its chief
executive since 2001, has stepped down and will be succeeded by
Chief Operating Officer Vincent Angotti.
Xenoport said it will also cut about 25 jobs by the end of December,
and expects to incur related charges of about $2 million in the
fourth quarter.
The company had 152 full-time employees at the end of Dec. 31,
according to a recent regulatory filing.
Xenoport was evaluating the drug, XP23829, in patients with
psoriasis, a kind of chronic skin disease.
The drug showed high rates of gastrointestinal-related side effects,
overshadowing its success in a mid-stage study last month.
The drugmaker's shares rose as much as 12 percent after-market on
Thursday in volatile trading. Shares closed at $3.48 on the Nasdaq.
Xenoport, which is also developing XP23829 to treat multiple
sclerosis, said it would focus on Horizant, its treatment for
restless leg syndrome, a kind of neurological disorder.
[to top of second column] |
Horizant, an FDA-approved treatment, raked in sales of $20.2 million
in 2014.
(Reporting by Rosmi Shaji in Bengaluru; Editing by Sriraj Kalluvila)
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