Connetics Names Sunil Patel Vice President, Corporate Development and Strategy; Reports New Option Grant under NASDAQ Marketplace Rule 4350.PALO ALTO, Calif. -- Connetics Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNCT CNCT Connect CNCT Certified Network Computer Technician ), a specialty pharmaceutical company that develops and commercializes dermatology products, announced today that it has named Sunil Patel to the position of Vice President, Corporate Development and Strategy. Mr. Patel brings over 12 years of pharmaceutical and biotechnology experience, including positions with Abgenix Inc., Gilead Sciences Inc., McKinsey & Company, and ZymoGenetics Inc. Most recently, Mr. Patel was Sr. Director, Strategic Marketing at Abgenix, where he was responsible for corporate development, M&A, and marketing activities. He holds a B.S. in Chemistry from the University of California, Berkeley The University of California, Berkeley is a public research university located in Berkeley, California, United States. Commonly referred to as UC Berkeley, Berkeley and Cal , and a M.S. in Molecular Bioengineering/Biotechnology from the University of Washington. Additionally, the Compensation Committee of the Company's Board of Directors approved an inducement grant to Mr. Patel of a non-qualified stock option Non-qualified stock options are stock options which do not qualify for the special treatment accorded to incentive stock options. Incentive stock options are only available for employees and other restrictions apply for them. to purchase 30,000 shares of Connetics' common stock. This option award was granted without stockholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) and with the following material terms: (a) an exercise price of $15.13 which is equal to the fair market value of Connetics' common stock on the grant date (May 8, 2006), (b) a term of 10 years, and (c) a vesting schedule Vesting Schedule Schedule setting forth when, and to what extent, options become exercisable or restricted stock or stock units are no longer subject to forfeiture (for example, 20% per year over five years). providing that the option is exercisable as to 1/8th of the total grant on the six-month anniversary of Mr. Patel's hire, and 1/48th of the total grant each month thereafter until each grant is fully vested. About Connetics Connetics Corporation is a specialty pharmaceutical company focused on the development and commercialization of innovative therapeutics for the dermatology market. Connetics has branded its proprietary foam drug delivery vehicle VersaFoam(R). The Company's marketed products are OLUX(R) (clobetasol propionate) Foam, 0.05%, Luxiq(R) (betamethasone betamethasone /be·ta·meth·a·sone/ (ba?tah-meth´ah-son) a synthetic glucocorticoid, the most active of the antiinflammatory steroids; used topically as the benzoate, dipropionate, or valerate salts as an antiinflammatory, topically or valerate) Foam, 0.12%, Soriatane(R) (acitretin) capsules and Evoclin(R) (clindamycin) Foam, 1%. Connetics is developing Desilux(TM) (desonide) VersaFoam-EF, 0.05%, a low-potency topical steroid formulated to treat atopic dermatitis; Primolux(TM) (clobetasol propionate) VersaFoam-EF, 0.05%, a super high-potency topical steroid formulation to treat atopic dermatitis and plaque psoriasis; Extina(R) (ketoconazole ketoconazole /ke·to·co·na·zole/ (ke?to-kon´ah-zol) a derivative of imidazole used as an antifungal agent. ke·to·co·na·zole n. ) VersaFoam-HF, 2%, to treat seborrheic dermatitis and Velac(R) (a combination of 1% clindamycin and 0.025% tretinoin tretinoin /tret·i·noin/ (tret´i-noin?) the all-trans stereoisomer of retinoic acid, used as a topical keratolytic in the treatment of acne vulgaris and disorders of keratinization and administered orally in the treatment of acute ) Gel, for treating acne. Connetics' product formulations are designed to improve the management of dermatological diseases and provide significant product differentiation. In Connetics' marketed products, these formulations have earned wide acceptance by both physicians and patients due to their clinical effectiveness, high quality and cosmetic elegance. For more information about Connetics and its products, please visit www.connetics.com. Press Release Code: (CNCT-G) |
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