CV Therapeutics Engages Renowned Investment Banker Frederick Frank to Provide Advisory Services
July 30 2007 - 7:00AM
PR Newswire (US)
PALO ALTO, Calif., July 30 /PRNewswire-FirstCall/ -- CV
Therapeutics, Inc. (NASDAQ:CVTX) announced today that the company
has entered into an agreement with Frederick Frank, Vice Chairman
of Lehman Brothers, to counsel the company on a range of strategic
opportunities. "Fred Frank is the most accomplished healthcare
investment banker of our time and we believe his advice will be
extremely helpful as we work to maximize our business and drive
shareholder value," said Louis G. Lange, chairman and chief
executive officer of CV Therapeutics. Mr. Frank has advised a range
of notable biotechnology and pharmaceutical companies and has been
involved in hundreds of transactions in the health care field over
the past 48 years. "CV Therapeutics is in a unique position with a
deep R&D pipeline, global rights to a growing, first-in-class
product in Ranexa, and the potential 2008 approval of a second
unique compound in regadenoson. I am looking forward to helping the
company build value for these assets," said Frank. 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 product,
Ranexa(R) (ranolazine extended-release tablets), 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. 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, and CVT-6883, which
is being developed as a potential treatment for cardiopulmonary
diseases. Regadenoson and CVT-6883 have not been determined by any
regulatory authorities to be safe or effective in humans for any
use. Except for the historical information contained herein, the
matters set forth in this press release, including statements as to
cash reserves and potential profitability and as to research and
development 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
operating losses and fluctuations in operating results; capital
requirements; regulatory review and approval of our products;
dependence on Ranexa; special protocol assessment agreement for
Ranexa; 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, 2007. CV Therapeutics disclaims any intent or obligation
to update these forward-looking statements. DATASOURCE: CV
Therapeutics Inc. CONTACT: Investors and Media, John Bluth, CV
Therapeutics Inc. Executive Director, Corporate Communications
& Investor Relations, +1-650-384-8850 Web site:
http://www.cvt.com/
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