CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
May 28 2008 - 5:01PM
PR Newswire (US)
PALO ALTO, Calif., May 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 31 non-executive officers due to
additional hiring, primarily in connection with its
commercialization efforts in the United States. The inducement
stock options cover an aggregate 151,800 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 primarily 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), indicated
for the treatment of chronic angina in patients who have not
achieved an adequate response with other antianginal drugs, and
Lexiscan(TM) (regadenoson) injection for use as a pharmacologic
stress agent in radionuclide myocardial perfusion imaging in
patients unable to undergo adequate exercise stress. CV
Therapeutics also has other clinical and preclinical drug
development candidates and programs that have not been determined
to be safe or effective in humans for any uses. Except for the
historical information contained herein, the matters set forth in
this press release, including statements 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;
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 March 31, 2008. CV Therapeutics disclaims any intent
or obligation to update these forward-looking statements.
DATASOURCE: CV Therapeutics, Inc. CONTACT: Investors, 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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