CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
June 14 2006 - 6:00PM
PR Newswire (US)
PALO ALTO, Calif., June 14 /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 16 non-executive employees due to
additional hiring, primarily in connection with its
commercialization efforts in the United States. The inducement
stock options cover an aggregate 60,500 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(R) (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 Quarterly
Report on Form 10-Q for the quarter ended March 31, 2006. 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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