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SECURITIES EXCHANGE AND COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 7, 1997
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Date of Report (Date of earliest event reported)
CV THERAPEUTICS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-21643 43-1570294
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
3172 Porter Drive, Palo Alto, California 94304
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(Address of principal executive offices and zip code)
(650) 812-0585
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On October 7, 1997, CV Therapeutics, Inc. ("CVT") sold approximately 1.4
million shares of common stock at a price of $9.25 per share to Biotech
Target S.A. in a private placement. The gross proceeds of the transaction
were $12.9 million. The press release announcing the $12.9 Million private
placement is filed herewith as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit Number Exhibit
99.1 Press Release dated October 7, 1997
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned duly authorized.
CV THERAPEUTICS, INC.
Dated: October 23, 1997 By: /s/ Kathleen A. Stafford
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Kathleen A. Stafford
Chief Financial Officer
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INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated October 7, 1997
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EXHIBIT 99.1
CV Therapeutics Completes $12.9 Million Financing
PALO ALTO, Calif., Oct. 7 /PRNewswire/ -- CV Therapeutics, Inc. (Nasdaq:
CVTX] today announced the closing of a $12.9 million private placement of
approximately 1.4 million shares of common stock at $9.25 per share with
Biotech Target S.A., an affiliate of BB Biotech AG of Switzerland.
BB Biotech is a new investor, and will hold approximately 16.6 percent
of the 8.4 million outstanding common shares after the private placement. CVT
will use the net proceeds of the private placement to advance its clinical
development programs in cardiovascular disease
"Completion of this financing is an important achievement for CVT," said
Louis Lange, M.D., Ph.D., chairman and chief executive officer. "The
additional funds raised will enable our Company to continue to pursue our
active development programs in small molecule cardiovascular drugs."
"CVT has demonstrated the ability to develop a group of high-potential
small molecule compounds in cardiovascular disease, a major worldwide health
concern," said Andreas Bremer, Ph.D., Fund Manager of BB Biotech. "We are
pleased to be investing in the further advancement of these promising
compounds."
In addition to historical information, this press release contains
forward-looking statements that involve risks and uncertainties that could
cause actual results to differ materially from those reflected in such
forward-looking statements. Reference is made in particular to uncertainties
regarding the Company's early stage of development and clinical trials and
dependence on collaborative and licensing arrangements. These factors are
more fully discussed in the Company's Annual Report on Form 10-K/A for the
year ended December 31, 1996.
CV Therapeutics, headquartered in Palo Alto, CA, is a biopharmaceutical
company focused exclusively on the application of molecular cardiology to the
discovery, development, and commercialization of novel, small molecule drugs
for the treatment of cardiovascular diseases.
SOURCE CV Therapeutics, Inc.
-0- 10/07/97
/CONTACT: Kathleen Stafford, Chief Financial Officer, 650-812-9507, or
Michael Sterns, DVM, Exec. Director of Business Devel., 650-812-9518, or
Catherine Ferandin, Investor Relations Associate, 650-812-9532, all of CV
Therapeutics, Inc./
(CVTX)
