PALO ALTO, Calif., Feb. 14 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) 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
|SOURCE CV Therapeutics, Inc.|
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