XenoPort (XNPT) to Implement Workforce Reduction

XenoPort (NASDAQ: XNPT) disclosed the following on Thursday:

On September 29, 2015, the board of directors (the “Board”) of XenoPort, Inc. (“XenoPort,” or the “Company”) committed to implementing a reduction in force that includes the elimination of approximately 25 positions, including positions related to the Company’s XP23829 product candidate development program in light of the Company’s announced new strategic focus. The Company notified the employees affected by the reduction in force on October 1, 2015.

The Company estimates that it will incur total charges of approximately $2.0 million in the fourth quarter of 2015 in connection with the restructuring, comprised primarily of severance and other one-time termination benefits. The Company expects that positions will be eliminated by December 23, 2015. The Company expects that the associated cash payments of approximately $2.0 million will be paid out commencing in the fourth quarter of 2015 and will be completed in the fourth quarter of 2016. The estimates of total charges and cash expenditures that the Company expects to incur in connection with the workforce reduction, and the timing thereof, are subject to a number of assumptions, and actual results may materially differ.

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