CV Therapeutics Reports Option Grants Under Nasdaq Marketplace Rule 4350
February 11 2009 - 4:01PM
Marketwired
CV Therapeutics, Inc. (NASDAQ: CVTX) announced today that, in
accordance with Nasdaq Marketplace Rule 4350, the Company issued
new inducement stock options to 22 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 75,500 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 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� (ranolazine extended-release tablets), indicated for the
treatment of chronic angina, and Lexiscan� (regadenoson) injection
for use as a pharmacologic stress agent in radionuclide myocardial
perfusion imaging in patients unable to undergo adequate exercise
stress. Ranexa� (ranolazine prolonged-release tablets) is 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 anti anginal
therapies. CV Therapeutics also has other clinical and preclinical
drug development candidates and programs.
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; 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, 2008. CV Therapeutics disclaims any intent or
obligation to update these forward-looking statements.
Investor Contact: John Bluth Executive Director Corporate
Communications & Investor Relations CV Therapeutics, Inc. (650)
384-8850
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