Cytokinetics Inc. - CYTK STOCK NEWS

Cytokinetics (Nasdaq: CYTK) announced the grant of stock options totaling 9,000 shares to new employee Wing Keung Chiu, effective February 26, 2021. This grant, approved by the Compensation and Talent Committee, is part of the company’s Amended and Restated 2004 Equity Incentive Plan. The options have an exercise price of $18.73, equivalent to the closing stock price on the grant date. Vested over four years, the options align with Nasdaq Listing Rule 5635(c)(4) as a material inducement for employment.

Cytokinetics (Nasdaq: CYTK) announced its participation in Rare Disease Day® on February 28, 2021, focusing on raising awareness for over 300 million individuals with rare diseases. The company aims to support these individuals, especially in the context of the COVID-19 pandemic. Cytokinetics is advancing CK-274, a cardiac myosin inhibitor for hypertrophic cardiomyopathy (HCM), currently in a Phase 2 trial, and preparing for a Phase 3 trial of reldesemtiv for ALS. Both drug candidates have received orphan drug designation from the FDA.

Cytokinetics (CYTK) reported Q4 2020 net losses of $43.9 million ($0.62/share) and an annual loss of $127.3 million ($1.97/share). Revenues increased to $6.7 million for Q4 and $55.8 million for 2020 due to a significant licensing deal. Cash reserves stand at $501 million, providing over two years of runway. The company plans to meet with the FDA in Q1 2021 to discuss GALACTIC-HF results, while REDWOOD-HCM enrollment is completed. 2021 guidance predicts revenues of $23 to $28 million with operating expenses between $195 and $205 million.

Cytokinetics announces the appointment of Muna Bhanji to its Board of Directors, enhancing its expertise in commercial development and market access. With over 30 years in the biopharmaceutical industry, Bhanji has held significant roles at Merck, including Senior VP, Global Market Access. Her experience is expected to guide Cytokinetics in ensuring access and affordability for its muscle-targeting therapies, particularly omecamtiv mecarbil, CK-274, and reldesemtiv. The company is progressing towards regulatory interactions following successful clinical trials.

Cytokinetics (Nasdaq: CYTK) will report its fourth quarter results on February 25, 2021, at 4:00 PM Eastern Time. A conference call will follow at 4:30 PM, where the management will discuss operational and financial outcomes, along with future outlook. Investors can access the call via webcast on the company’s website or by phone. Notably, Cytokinetics is advancing its cardiac muscle activator, omecamtiv mecarbil, after positive results from the GALACTIC-HF Phase 3 trial, and is also progressing clinical trials for other drug candidates.

Cytokinetics (Nasdaq: CYTK) announced the grant of stock options for 13,500 shares to new employee Cinzia Ellero as an employment incentive. The options have an exercise price of $19.67 per share, aligning with the stock's closing price on January 29, 2021. They will vest over four years, starting with one-quarter vesting on the one-year anniversary. The grant complies with Nasdaq Listing Rule 5635(c)(4). Cytokinetics focuses on developing muscle performance treatments and is preparing for regulatory steps concerning its cardiac muscle activator, omecamtiv mecarbil, following positive Phase 3 trial results.

Cytokinetics, Inc. (Nasdaq: CYTK) has received a $2.5 million milestone payment from Ji Xing Pharmaceuticals following the dosing of the first patient in Cohort 2 of the REDWOOD-HCM clinical trial for CK-274, a cardiac myosin inhibitor targeting hypertrophic cardiomyopathy (HCM). The trial aims to assess CK-274's safety, tolerability, and efficacy in reducing left ventricular outflow tract gradients. Interim analysis shows encouraging results from Cohort 1, with significant pressure gradient reductions and no serious adverse events reported.

Cytokinetics announced that the FDA granted orphan drug designation to CK-274 for treating symptomatic hypertrophic cardiomyopathy (HCM). This new cardiac myosin inhibitor aims to treat a condition affecting fewer than 200,000 people in the U.S. Orphan designation provides benefits such as seven years of marketing exclusivity and tax credits for clinical research. The REDWOOD-HCM Phase 2 clinical trial is ongoing, with interim results showing promising reductions in left ventricular outflow tract gradient. Full results are expected by mid-2021.

Cytokinetics, a late-stage biopharmaceutical company, announced that Robert I. Blum, CEO, will participate in a virtual fireside chat at the H.C. Wainwright BioConnect 2021 Virtual Conference from January 11-14, 2021. The presentation will be available for on-demand listening starting January 11 at 6:00 AM ET. Interested parties can access the recorded webcast on the Cytokinetics website, which will be archived for 90 days. The company is known for developing muscle activators and inhibitors to treat diseases affecting muscle performance.