CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
September 15 2005 - 6:00PM
PR Newswire (US)
PALO ALTO, Calif., Sept. 15 /PRNewswire-FirstCall/ -- CV
Therapeutics, Inc. (NASDAQ:CVTX) announced today that, in
accordance with Nasdaq marketplace rule 4350, the Company issued
new inducement stock options to 54 non-executive employees due to
additional hiring, primarily in connection with its
commercialization efforts to co-promote ACEON(R) (perindopril
erbumine) Tablets in the United States. The inducement stock
options cover an aggregate 173,450 shares of common stock and are
classified as non-qualified stock options with an exercise price
equal to the fair market value on the grant date. The options have
a 10 year term and vest over four years as follows: 20 percent of
these options will vest on the date one year from the optionee's
hire date, 20 percent of the options will vest in monthly
increments during each of the second and third years, and 40
percent of the options will vest in monthly increments during the
fourth year (in all cases subject to the terms and conditions of CV
Therapeutics 2004 Employment Commencement Incentive Plan). About CV
Therapeutics CV Therapeutics, Inc., headquartered in Palo Alto,
California, is a biopharmaceutical company focused on applying
molecular cardiology to the discovery, development and
commercialization of novel, small molecule drugs for the treatment
of cardiovascular diseases. CV Therapeutics currently has three
programs in commercial or late-stage development: ACEON(R)
(perindopril erbumine) Tablets, Ranexa(TM) (ranolazine) and
regadenoson. CV Therapeutics also has other clinical and
preclinical drug development candidates and programs. The company
co-promotes ACEON(R), an ACE inhibitor with enhanced tissue
affinity, in the United States with Solvay Pharmaceuticals, Inc.
ACEON(R) is indicated for the treatment of essential hypertension
and the reduction of the risk of cardiovascular mortality or
non-fatal myocardial infarction in patients with stable coronary
artery disease. Ranexa is being developed as a novel potential
treatment for chronic angina. Regadenoson is being developed with
our partner in North America, Astellas Pharma US, Inc., for
potential use as a pharmacologic stress agent in myocardial
perfusion imaging studies. Ranexa and regadenoson have not been
approved for marketing by any regulatory authorities. Except for
the historical information contained herein, the matters set forth
in this press release, including statements as to development,
clinical studies, regulatory review, and commercialization of
products, are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially, including, early stage of development; regulatory
review and approval of our products; the conduct and timing of
clinical trials; the dependence on collaborative and licensing
agreements; commercialization of products; and other risks detailed
from time to time in CV Therapeutics' SEC reports, including its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.
CV Therapeutics disclaims any intent or obligation to update these
forward-looking statements. DATASOURCE: CV Therapeutics, Inc.
CONTACT: investors, Christopher Chai, Vice President, Treasury and
Investor Relations, +1-650-384-8560, or media, John Bluth, Senior
Director, Corporate Communications, +1-650-384-8850, both of CV
Therapeutics, Inc. Web site: http://www.cvt.com/
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