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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contacts: CV Therapeutics Fleishman-Hillard
Dan Spiegelman Carol Harrison
SVP & Chief Financial Officer (212) 453-2442
(650) 812-9509
Christopher Chai
Treasurer & Director,
Investor Relations
(650) 812-9560
CV THERAPEUTICS ANNOUNCES $120 MILLION EQUITY FINANCING COMMITMENT
PALO ALTO, CA. (August 8, 2000) - CV Therapeutics, Inc. (Nasdaq: CVTX)
today announced that it has received a commitment for up to $120 million in
common stock equity financing from Acqua Wellington North American Equities
Fund, Ltd. Over the next 28 months, CVT may at its discretion sell registered
shares of its common stock, at a small discount to the market price, to Acqua
Wellington.
Net proceeds from any sales will be used to fund research, development
and product manufacturing, as well as to provide working capital and for general
corporate purposes. CVT may also use a portion of the net proceeds to acquire or
invest in businesses, products and technologies that are complementary to CVT,
although no acquisitions are planned or being negotiated as of this date, and no
portion of the net proceeds has been allocated for any specific acquisition.
"CVT is moving its two late stage products, ranolazine and CVT-510,
toward commercialization," said Louis G. Lange, M.D., Ph.D., Chairman and Chief
Executive Officer of CV Therapeutics. "This equity line of credit provides us
with the flexibility to opportunistically raise additional capital over the next
28 months, thereby keeping CVT well capitalized with a strong balance sheet."
Acqua Wellington Asset Management LLC manages a family of funds
targeted at investment opportunities among mid-cap and small-cap companies in
domestic and global equity markets.
Statements in this press release concerning the Company's finances,
operations and the development, potential application and commercialization of
CVT's products are forward-
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looking statements that involve risks and uncertainties. Actual results could
differ materially. Factors that could cause or contribute to such differences
are more fully discussed in CVT's Annual Report on Form 10-K for the year
ended December 31, 1999.
CV Therapeutics, Inc., headquartered in Palo Alto, CA, 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. CVT is currently conducting clinical
trials for two of its products. Ranolazine, the first in a new class of
compounds known as partial fatty acid oxidation (pFOX) inhibitors for the
potential treatment of angina, is in Phase III clinical trials. CVT-510, an A(1)
adenosine receptor agonist, for the potential treatment of atrial arrhythmias,
is in Phase II clinical trials. For more information, please visit CV
Therapeutics' web site at www.cvt.com.
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