PALO ALTO, Calif., Nov. 3 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. announced today that, in accordance with Nasdaq marketplace rule 4350, the Company issued new inducement stock options to 29 non-executive employees due to additional hiring, primarily in connection with its commercialization efforts to co-promote ACEON(R) (perindopril erbumine) Tablets in the United States.
The inducement stock options cover an aggregate 187,600 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 focused on applying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases.
CV Therapeutics currently has three programs in commercial or late-stage development: ACEON(R) (perindopril erbumine) Tablets, Ranexa(TM) (ranolazine) and regadenoson. CV Therapeutics also has other clinical and preclinical drug development candidates and programs. The company co-promotes ACEON(R), an ACE inhibitor, for the treatment of essential hypertension and reduction of the risk of cardiovascular mortality or non-fatal myocardial infarction in patients with stable coronary artery disease. Ranexa is being developed as a novel potential treatment for chronic angina. Regadenoson is being developed for potential use as a pharmacologic stress agent in myocardial perfusion imaging studies. Ranexa and regadenoson have not been approved for marketing by any regulatory authorities.
Except for the historical information contained herein, the matters set forth in this press release, including statements as to development, clinical studies, regulatory review and approval, 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, early stage of development; regulatory review and approval of our products; the conduct and timing of clinical trials; the dependence on collaborative and licensing agreements; commercialization of products; market acceptance of products; 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, 2005. CV Therapeutics disclaims any intent or obligation to update these forward-looking statements.
CV Therapeutics, Inc.
CONTACT: Investors: Christopher Chai, Vice President, Treasury andInvestor Relations, +1-650-384-8560, or, Media: John Bluth, SeniorDirector, Corporate Communications, +1-650-384-8850, both of CVTherapeutics, Inc.
Web site: http://www.cvt.com/
