PALO ALTO, Calif., Aug. 27 /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 34 non-executive officers due to additional hiring, primarily in connection with its commercialization efforts in the United States.
The inducement stock options cover an aggregate 73,700 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 primarily focused on applying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases. CV Therapeutics Ltd. is the company's European subsidiary based in the United Kingdom.
CV Therapeutics' approved products in the United States include
Ranexa(R) (ranolazine extended-release tablets), indicated for the
treatment of chronic angina in patients who have not achieved an adequate
response with other antianginal drugs, and Lexiscan(TM) (regadenoson)
injection for use as a pharmacologic stress agent in radionuclide
|SOURCE CV Therapeutics, Inc.|
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