CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
August 27 2008 - 4:01PM
PR Newswire (US)
PALO ALTO, Calif., Aug. 27 /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 34 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 73,700 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 Ltd. is the company's
European subsidiary based in the United Kingdom. CV Therapeutics'
approved products in the United States 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. Ranexa is also approved for use
in the European Union as add-on therapy for the symptomatic
treatment of patients with stable angina pectoris who are
inadequately controlled or intolerant to first-line antianginal
therapies. 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 June 30, 2008. CV Therapeutics
disclaims any intent or obligation to update these forward-looking
statements. DATASOURCE: CV Therapeutics, Inc. CONTACT: Investor
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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