SOUTH SAN FRANCISCO, Calif., Aug. 17 /PRNewswire-FirstCall/ -- Renovis, Inc. today announced that, in accordance with NASDAQ Marketplace Rule 4350, Renovis granted employment inducement stock options to seven non-executive employees hired between June 1, 2006 and August 16, 2006 to enhance general and administrative functions and support drug discovery efforts.
The inducement stock options cover an aggregate 32,200 shares of common stock and are classified as non-qualified stock options with an exercise price equal to the fair market value on the date of grant. These options were granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350 (i)(1)(A)(iv) with Renovis’ standard stock option terms, including a 10-year term and four year vesting.
About Renovis
Renovis is a biopharmaceutical company primarily focused on the discovery and development of drugs for neurological diseases and disorders in areas of unmet medical need. Our most advanced product candidate, NXY-059, is in Phase III clinical trials for acute ischemic stroke with our exclusive licensee, AstraZeneca AB. NXY-059, which has a proposed mechanism of action of free radical trapping, is being studied as a neuroprotectant in clinical trials based on effects seen in experimental models of acute ischemic stroke. In addition to proprietary research programs in the areas of cytoprotection, pain and inflammation, Renovis has a worldwide collaboration and license agreement with Pfizer to research, develop and commercialize small molecule VR1 antagonists, and a research and development collaboration with Genentech to discover and develop anti-angiogenesis drugs and drugs that promote nerve re- growth following nervous system injury.
For additional information about the company, please visit http://www.renovis.com .
Renovis, Inc.
CONTACT: investors, Greg Mann of Renovis, Inc., +1-650-266-1558, orgmann@renovis.com; or media, David Schull of Noonan Russo, +1-858-546-4810,or david.schull@eurorscg.com
