CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
February 14 2008 - 4:01PM
PR Newswire (US)
PALO ALTO, Calif., Feb. 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 19 non-executive officer employees
due to additional hiring, primarily in connection with its
commercialization efforts in the United States. The inducement
stock options cover an aggregate 119,200 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. Except as otherwise
noted, the options vest 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. One of the
options vests as follows: 25 percent of this option will vest on
the date one year from the optionee's hire date and 25 percent of
the option will vest in monthly increments during each of the
second and third and fourth years. This option also contains
performance triggers that could result in accelerated vesting. All
options are 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 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 asthma and other
conditions. 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 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;
special protocol assessment agreement; the conduct and timing of
clinical trials; commercialization of products; market acceptance
of products; product labeling; concentrated customer base; reliance
on strategic partnerships and collaborations; uncertainties in drug
development; uncertainties regarding intellectual property; 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, 2007. CV Therapeutics disclaims any
intent or obligation to update these forward-looking statements.
DATASOURCE: CV Therapeutics, Inc. CONTACT: John Bluth, Executive
Director, Corporate Communications & Investor Relations of CV
Therapeutics, Inc., +1-650-384-8850 Web site: http://www.cvt.com/
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