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December 16, 2013
11:44 EDTXNPTClinton Group seeks director elections, new CEO at XenoPort
Clinton Group, one of the largest owners of Xenoport, sent a letter to the lead director of Xenoport, John Freund, following a recent meeting with Freund and Dennis Fenton, another independent director of Xenoport. In the meeting, the Clinton Group reiterated its view that Xenoport should be solely focused on the development of its novel fumaric acid ester compound, known as 829, which the Clinton Group believes has the prospect of being a blockbuster drug with a relatively low risk development path. In the meeting, and again in its letter, the Clinton Group called upon the directors to allow shareholders to vote on each of the directors each year, as is the practice at a majority of public companies in the United States, starting in 2014. The Clinton Group believes that the best path forward for Xenoport is to hire a new, accomplished Chief Executive who will act like an owner and focus entirely on the development of 829. The Clinton Group would support the current board at the 2014 annual meeting of shareholders if the directors move swiftly to identify and hire such a Chief Executive and focus the company's efforts on 829.
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