SOUTH SAN FRANCISCO, Calif., March 20 /PRNewswire-FirstCall/ -- Renovis, Inc. today announced that in accordance with NASDAQ Marketplace Rule 4350, Renovis granted employment inducement stock options to 5 non- executive employees due to additional hiring, primarily in connection with its preclinical development programs.
The inducement stock options cover an aggregate 9,400 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. 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, an investigational drug under development by AstraZeneca and licensed from Renovis, has a proposed mechanism of action of free radical trapping. It 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 neuroprotection, pain and inflammation we have 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 www.renovis.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, plans and objectives of management are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Renovis cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors that could cause actual results or events to differ materially from the forward- looking statements that we make are described in greater detail in the "Risk Factors" section of our Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 14, 2006. We do not assume any obligation to update any forward-looking statements.
Contacts: INVESTORS: MEDIA: Renovis, Inc. Noonan Russo John C. Doyle Jane Petrino (650) 266-1407 (212) 845-4274 doyle@renovis.comjane.petrino@eurorscg.com
Renovis, Inc.CONTACT: Investors: John C. Doyle of Renovis, Inc., +1-650-266-1407, ordoyle@renovis.com; or Media: Jane Petrino of Noonan Russo, +1-212-845-4274,or jane.petrino@eurorscg.com
Web site: http://www.renovis.com/
