Connetics Reports New Option Grants Under Nasdaq Marketplace Rule 4350.PALO ALTO, Calif. -- Connetics Corporation (Nasdaq:CNCT CNCT Connect CNCT Certified Network Computer Technician ), a specialty pharmaceutical company that develops and commercializes dermatology products, announced today that, in accordance with Nasdaq Marketplace rule 4350, the Company granted inducement stock options totaling 70,000 shares to four non-executive employees as set forth below:
Stock
Option Exercise
Employee Title Grant Price Grant Date
------------------------------------------ ------- -------- ----------
20,000
Senior Director, Regulatory Affairs shares $ 8.80 7/24/2006
20,000
Senior Director, Human Resources shares $ 8.80 7/24/2006
20,000
Senior Director, Investor Relations shares $ 9.58 7/31/2006
10,000
Senior Analytical Chemist shares $ 10.25 8/7/2006
The Compensation Committee of the Company's Board of Directors approved inducement grants to individuals in each of the above named positions 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 shares of Connetics' common stock. These option awards were granted without stockholder approval pursuant to Nasdaq Marketplace Rule 4350(i)(1)(A)(iv) with the following material terms: (a) an exercise price equal to the fair market value of Connetics' common stock on the grant date, (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 each option is exercisable as to 1/8th of the total grant on the six-month anniversary of the recipient's date of 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 clobetasol propionate (klōbā´t  sol´ prō´pē ) 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 Atopic Dermatitis DefinitionEczema is a general term used to describe a variety of conditions that cause an itchy, inflamed skin rash. Atopic dermatitis, a form of eczema, is a non-contagious disorder characterized by chronically inflamed skin and ; 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 Seborrheic Dermatitis Definition Seborrheic dermatitis is a common inflammatory disease of the skin characterized by scaly lesions usually on the scalp, hairline, and face. 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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