PALO ALTO, Calif., Feb. 14 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. 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.
CONTACT: John Bluth, Executive Director, Corporate Communications &
Investor Relations of CV Therapeutics, Inc., +1-650-384-8850
Web site: http://www.cvt.com/
