Cytokinetics Inc. - CYTK STOCK NEWS

Cytokinetics (CYTK) announced the grant of stock options for 90,000 shares to 9 new employees as an inducement for their employment, effective December 31, 2021. The options have an exercise price of $45.58 per share, matching the closing stock price on the grant date, and will vest over four years with a 10-year term. This move complies with the Nasdaq Listing Rule 5635(c)(4) and aligns with the company’s strategic focus on recruiting talent as it advances its muscle biology therapies, including the cardiac muscle activator omecamtiv mecarbil.

Cytokinetics has secured $300 million from Royalty Pharma to support the potential launch of omecamtiv mecarbil and the development of aficamten. The funding, structured in five tranches, includes an initial $50 million upon closing, followed by payments tied to clinical milestones. Royalty Pharma also acquired 4.5% to 3.5% royalties on aficamten's future sales. This capital enables Cytokinetics to maintain a cash runway for at least two years, supporting its commercialization and development efforts in the cardiovascular sector.

Cytokinetics announced that Robert I. Blum, CEO, will present virtually at the 40th Annual J.P. Morgan Healthcare Conference on January 11, 2022, at 4:30 pm ET. The presentation will be accessible via the Investors & Media section of the Cytokinetics website. A replay of the webcast will be available for 30 days post-event. Cytokinetics focuses on developing innovative muscle activators and inhibitors aimed at treating diseases affecting muscle performance. Their key candidates include omecamtiv mecarbil and aficamten, currently in advanced clinical trials.

Cytokinetics (Nasdaq: CYTK) and Ji Xing Pharmaceuticals have expanded their collaboration to develop omecamtiv mecarbil for heart failure treatment in Greater China. Cytokinetics will receive $70 million in committed capital, including $50 million from Ji Xing and $20 million from RTW Investments through common stock sales. Additionally, Cytokinetics could earn up to $330 million in milestone payments and royalties. This partnership aims to enhance patient access to innovative therapies for heart failure in a significant cardiovascular market.

Cytokinetics announced significant findings regarding the ongoing Phase 3 clinical trial, COURAGE-ALS, for reldesemtiv in ALS patients. Data presented at the 32nd International Symposium on ALS/MND revealed that a majority (85.2%) of the initial 27 enrolled patients exhibit either middle (48.2%) or fast (37.0%) disease progression rates. This targeted enrollment aims to enhance the detection of treatment effects, as evidenced by previous studies. Furthermore, supplemental analyses from FORTITUDE-ALS highlighted key correlations between grip strength and patient-reported quality of life.

FDA Grants Breakthrough Therapy Designation for aficamten, developed by Cytokinetics, targeting symptomatic obstructive hypertrophic cardiomyopathy (oHCM). This designation accelerates the drug's development, indicating potential for significant improvement over existing treatments. Preliminary results from the REDWOOD-HCM Phase 2 trial showed that aficamten effectively reduced left ventricular outflow tract pressure gradients and improved heart failure symptoms. Cytokinetics is advancing to SEQUOIA-HCM, a Phase 3 trial, following these promising outcomes.

Cytokinetics, Incorporated (Nasdaq: CYTK) announced the grant of stock options for 143,500 shares to 9 new employees as a material inducement for their employment, effective November 30, 2021. The exercise price is set at $39.34 per share, aligned with the closing stock price on that date. The options will vest over four years, with a quarter vesting on the one-year anniversary and the remainder monthly thereafter. This action is compliant with Nasdaq Listing Rule 5635(c)(4). Cytokinetics continues to focus on muscle performance treatments, including ongoing clinical trials for its drug candidates.

Cytokinetics (Nasdaq: CYTK) announced its participation in the 32nd International Symposium on ALS/MND from December 7-10, 2021, featuring one oral and three poster presentations. The oral presentation will cover a European survey on ALS, while the posters will discuss various clinical trials, including Phase 2 and Phase 3 studies of Reldesemtiv and its impact on ALS patients. The company continues to advance its innovative therapies aimed at enhancing muscle function, including omecamtiv mecarbil and aficamten, with ongoing Phase 3 trials.

Cytokinetics (Nasdaq: CYTK) announced that CEO Robert I. Blum will participate in a fireside chat at the Piper Sandler 33rd Annual Virtual Healthcare Conference from November 30 to December 2, 2021. The chat will be pre-recorded and available for on-demand viewing starting November 22, 2021, at 10:00 AM ET. It can be accessed through the Investors & Media section of Cytokinetics' website. The company focuses on innovative muscle activators and inhibitors to treat diseases affecting muscle performance, with ongoing Phase 3 trials for its candidates.