SAN DIEGO, Nov. 4, 2014 /PRNewswire/ -- Neurocrine Biosciences, Inc. (NASDAQ: NBIX) today announced that Darin Lippoldt has joined the executive management team as Chief Legal Officer.
"We are very pleased to welcome Darin Lippoldt to the Neurocrine leadership team as our Chief Legal Officer," said Kevin Gorman, President and Chief Executive Officer of Neurocrine Biosciences. "Darin's breadth of experience in both developmental and commercial biotechnology companies will be of critical importance as Neurocrine evolves into a fully-integrated pharmaceutical company."
Prior to joining Neurocrine, Mr. Lippoldt served as Executive Vice President and General Counsel of Volcano Corporation, a company he joined in 2010. Prior to Volcano, Mr. Lippoldt served as Associate General Counsel at Amylin Pharmaceuticals, Inc. since 2003. He previously practiced corporate and securities law with the law firms of Fulbright & Jaworski LLP and Matthews and Branscomb, P.C. Mr. Lippoldt received a B.B.A. in Finance, an M.A. in International Relations, and a J.D. from St Mary's University.
Neurocrine also announced the grant of an inducement award to Mr. Lippoldt pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules in connection with his employment with Neurocrine. In connection with the employment agreement, Mr. Lippoldt was granted an inducement award consisting of a stock option to purchase 95,000 shares of Neurocrine common stock. The stock option will vest over a period of four years, with 25% vesting on the first anniversary of the grant date and the balance vesting each month over the remaining three years. This award is subject to the terms and conditions of Neurocrine's Inducement Plan. This award was effective on November 3, 2014, the first business day of the first calendar month following the commencement of his employment with Neurocrine, and has an exercise price of $18.15 per share, which was the closing price of Neurocrine's common stock on the NASDAQ Global Select Market on that date. The award was granted as an inducement material to Mr. Lippoldt's employment pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc. discovers and develops innovative and life-changing pharmaceuticals, in diseases with high unmet medical needs, through its novel R&D platform, focused on neurological and endocrine based diseases and disorders. The Company's two lead late-stage clinical programs are elagolix, a gonadotropin-releasing hormone antagonist for women's health that is partnered with AbbVie Inc., and a wholly owned vesicular monoamine transporter 2 inhibitor for the treatment of movement disorders. Neurocrine intends to maintain certain commercial rights to its VMAT2 inhibitor for evolution into a fully-integrated pharmaceutical company. Neurocrine Biosciences, Inc. news releases are available through the Company's website via the internet at http://www.neurocrine.com.
SOURCE Neurocrine Biosciences, Inc.