CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
February 28 2006 - 5:00PM
PR Newswire (US)
PALO ALTO, Calif., Feb. 28 /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 18 non-executive employees due to
additional hiring, primarily in connection with its
commercialization efforts to promote Ranexa(TM) (ranolazine
extended-release tablets) and ACEON(R) (perindopril erbumine)
Tablets in the United States. The inducement stock options cover an
aggregate 54,700 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' approved products include Ranexa(TM) (ranolazine
extended-release tablets) and ACEON(R) (perindopril erbumine)
Tablets. Ranexa is indicated for the treatment of chronic angina in
patients who have not achieved an adequate response with other
antianginal drugs, and should be used in combination with
amlodipine, beta-blockers or nitrates. In addition, CV Therapeutics
co-promotes ACEON(R), an ACE inhibitor, for reduction of the risk
of cardiovascular mortality or nonfatal myocardial infarction in
patients with stable coronary artery disease and treatment of
essential hypertension. CV Therapeutics also has other clinical and
preclinical drug development candidates and programs, including
regadenoson, which is being developed for potential use as a
pharmacologic stress agent in myocardial perfusion imaging studies.
Regadenoson has 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, special protocol
assessment agreements, regulatory review and approval, 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;
special protocol assessment agreements; the conduct and timing of
clinical trials; commercialization of products; market acceptance
of products; product labeling; 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 September 30, 2005. CV
Therapeutics disclaims any intent or obligation to update these
forward-looking statements. First Call Analyst: FCMN Contact:
andrea.campbell@cvt.com 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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