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XenoPort Announces Proposed Public Offering of Common Stock

^{Published on 2010-12-08 14:40:28 - Market Wire}
 

SANTA CLARA, Calif.--([ BUSINESS WIRE ])--XenoPort, Inc. (Nasdaq: XNPT) announced today that it is offering to sell, subject to market and other conditions, 4,000,000 shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. XenoPort also intends to grant the underwriters a 30-day option to purchase up to an aggregate of 600,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by XenoPort. Morgan Stanley & Co. Incorporated is acting as bookrunner for the offering. RBC Capital Markets, LLC and Wedbush PacGrow Life Sciences are acting as co-managers.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state in which such offer, solicitation or sale is not permitted. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained from Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, New York, New York 10014 (Email: [ prospectus@morganstanley.com ]), or by calling (866) 718-1649.

The issuer has filed a registration statement (including a base prospectus) with the Securities and Exchange Commission, or SEC, for an offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and related prospectus supplements and other documents that the issuer has filed or will file with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at [ www.sec.gov ]. Alternatively, you may obtain a preliminary prospectus supplement and accompanying prospectus as indicated above.

About XenoPort

XenoPort, Inc. is a biopharmaceutical company focused on developing a portfolio of internally discovered product candidates that utilize the bodya™s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs. XenoPort is developing its lead product candidate in collaboration with Astellas Pharma Inc. and GlaxoSmithKline. XenoPorta™s product candidates are being studied for the potential treatment of restless legs syndrome, gastroesophageal reflux disease, neuropathic pain, spasticity and Parkinsona™s disease.

Forward-Looking Statements

This press release contains aforward-lookinga statements, including statements relating to XenoPorta™s expectations regarding the completion, timing and size of the proposed public offering. These forward-looking statements are based upon XenoPort's current expectations. Forward-looking statements involve risks and uncertainties. XenoPort's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the public offering. There can be no assurance that XenoPort will be able to complete the public offering on the anticipated terms, or at all. XenoPort will need to raise additional capital to fund its operations and complete the development of its product candidates and may be unable to raise capital when needed, which would force XenoPort to delay, reduce or eliminate its product development programs or commercialization efforts. Additional risks and uncertainties relating to XenoPort and its business can be found under the heading aRisk Factorsa in XenoPorta™s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, filed with the Securities and Exchange Commission on November 9, 2010, and in the preliminary prospectus supplement related to the proposed offering to be filed with the Securities and Exchange Commission on December 8, 2010. XenoPort expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

XenoPort is a registered trademark of XenoPort, Inc.

Source code: XNPT2F