CV Therapeutics Secures Three Year Equity Financing Commitment
April 18 2006 - 5:30PM
PR Newswire (US)
PALO ALTO, Calif., April 18 /PRNewswire-FirstCall/ -- CV
Therapeutics, Inc. (NASDAQ:CVTX) today announced that it has
received a commitment for up to $200 million in common stock equity
financing from Azimuth Opportunity Ltd. Over the next three years,
CV Therapeutics may at its discretion, from time to time, sell
registered shares of its common stock at a small discount to the
market price to Azimuth Opportunity. Acqua Capital is an advisor to
Azimuth Opportunity. Net proceeds from any sale of the securities
will be used for general corporate purposes, which may include
funding commercialization of our approved products, product
development and related clinical trials, product manufacturing,
research and development, preparation and filing of new drug
applications and other marketing approval applications, increasing
our working capital, reducing our indebtedness, funding potential
acquisitions of or investments in businesses, products or
technologies that are complementary to our own, and capital
expenditures. 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
approved 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
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; concentrated customer base; and
other risks detailed from time to time in CV Therapeutics' SEC
reports, including its Annual Report on Form 10-K for the year
ended December 31, 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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