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2014-05-06

Cytokinetics, Inc.: Cytokinetics, Incorporated Reports First Quarter 2014 Financial Results

Company Considers Potential Next Steps for First-in-Class Skeletal Muscle
Activator Focused to ALS

Partnered and Funded Programs Advancing Through Clinical Trials in Parallel

SOUTH SAN FRANCISCO, CA, May 6, 2014

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Cytokinetics, Incorporated (Nasdaq: CYTK) reported total revenues of $8.0
million for the first quarter of 2014, compared to $0.8 million during the
same period in 2013. Net loss for the first quarter of 2014 was $8.7 million
or $0.27 per basic share and diluted share. This is compared to a net loss
for the same period in 2013, of $12.6 million, or $0.53 per basic and diluted
share. As of March 31, 2014, cash, cash equivalents and investments totaled
$101.9 million.

"Cytokinetics recently announced the results from BENEFIT-ALS. We believe
that the initial data from BENEFIT-ALS demonstrate potentially important
biological activity oftirasemtiv
in patients with ALS that is consistent with its mechanism of action," stated
Robert I. Blum, Cytokinetics' President and Chief Executive Officer. "While
BENEFIT-ALS did not meet its primary efficacy endpoint, this large,
international trial did show unprecedented effects on certain pre-specified
endpoints that have been demonstrated in earlier trials of patients with ALS
to be clinically meaningful to disease progression. It is incumbent on us to
delve deeply into these data internally and with experts in the ALS community
in order to inform a potential path forward for our first-in-class skeletal
muscle activator. In parallel, in the first quarter, we made excellent
progress in our other development programs that we believe are positioned
well for advancement to key clinical stage milestones as funded by our
partners. We maintain a portfolio of novel mechanism muscle activators at
Cytokinetics that inform multiple paths toward innovative medicines."

Company Highlights

Skeletal Muscle Contractility

tirasemtiv

* Last week, Cytokinetics announced results from BENEFIT-ALS (B lindedE
valuation ofN euromuscularE ffects andF unctionalI mprovement withT
irasemtiv inALS ). BENEFIT-ALS was a Phase IIb, multinational,
double-blind, randomized, placebo-controlled clinical trial designed to
evaluate the safety, tolerability and potential efficacy oftirasemtiv in
patients with amyotrophic lateral sclerosis (ALS). BENEFIT-ALS did not
achieve its primary efficacy endpoint, the mean change from baseline in the
ALS Functional Rating Scale in its revised form (ALSFRS-R). Treatment
withtirasemtiv resulted in a statistically significant and potentially
clinically meaningful reduction in the decline of Slow Vital Capacity
(SVC), a measure of the strength of the skeletal muscles responsible for
breathing that has been shown to be an important predictor of disease
progression and survival in prior trials of patients with ALS. The analyses
of other pre-specified secondary efficacy endpoints produced mixed results.

Serious adverse events (SAEs) during double-blind treatment were
more frequent ontirasemtiv
than on placebo. The most common SAE was respiratory failure, which occurred
in 1 patient ontirasemtiv
and 3 patients on placebo, while confusional state and delirium occurred in 2
patients ontirasemtiv
and no patients on placebo. More patients ontirasemtiv
withdrew from the trial following randomization than on placebo. Adverse
events more common ontirasemtiv
than on placebo (>10% difference) were dizziness, fatigue, and nausea.

* During the quarter, Cytokinetics made preparations for the potential
further development and the commercialization oftirasemtiv . These
activities included interactions with regulatory authorities and other
manufacturing, corporate development and commercial planning activities to
support planning scenarios.

CK-2127107

* During the quarter, Cytokinetics initiated enrollment in CY 5012, a
double-blind, randomized, placebo-controlled, parallel group study in which
the primary objective is to assess the safety, tolerability, and
pharmacokinetics of CK-2127107 following multiple ascending doses in
healthy volunteers. The initiation of this clinical trial triggered a $2.0
million milestone payment from Astellas Pharma Inc. to Cytokinetics under
the terms of the collaboration between the companies established in June
2013. This trial is being conducted by Cytokinetics in collaboration with
Astellas.

Cardiac Muscle Contractility

omecamtiv mecarbil

* During the quarter, Cytokinetics announced that the expansion phase of
COSMIC-HF (C hronicO ralS tudy ofM yosin Activation toI ncreaseC
ontractility inH eartF ailure) opened to enrollment. COSMIC-HF is a Phase
II, double-blind, randomized, placebo-controlled, multicenter clinical
trial designed to assess the pharmacokinetics and tolerability ofomecamtiv
mecarbil dosed orally in patients with heart failure and left ventricular
systolic dysfunction. The secondary objectives are to assess the changes
from baseline in systolic ejection time, stroke volume, left ventricular
end-systolic diameter, left ventricular end-diastolic diameter, heart rate
and N-terminal pro-brain natriuretic peptide (a biomarker associated with
the severity of heart failure) during 20 weeks of treatment. The expansion
phase of COSMIC-HF is expected to enroll heart failure patients from
approximately 100 clinical sites internationally. This trial is being
conducted by Amgen in collaboration with Cytokinetics.
* During the quarter, Cytokinetics began preparations for the initiation of
CY 1211 following a review of the protocol for the trial with the FDA. CY
1211 is a Phase I, single center, placebo-controlled, double-blind study
comparing the pharmacokinetics ofomecamtiv mecarbil between healthy
Japanese and Caucasian volunteers. CY 1211 will be conducted by
Cytokinetics in collaboration with Amgen.

Additional information on COSMIC-HF and other clinical trials of omecamtiv
mecarbil
can be found at www.clinicaltrials.gov.

Pre-Clinical Research

* During the quarter, Cytokinetics continued to conduct research under our
joint research program with Amgen, directed to the discovery of
next-generation cardiac sarcomere activators, and our joint research
program with Astellas, directed to the discovery of next-generation
skeletal muscle activators. In addition, the company continued research
activities directed to other muscle biology programs.

Corporate

* During the quarter, Cytokinetics completed an underwritten public offering
for the sale of 5.0 million shares of common stock for net proceeds of
$37.5 million, after deducting the underwriting discount and offering
expenses.

Financials

Revenues for the first quarter of 2014 were $8.0 million, compared to $0.8
million during the same period in 2013. Revenues for the first quarter of
2014 included $2.1 million of license revenues and $5.2 million of research
and development revenues from our collaboration with Astellas, and $0.7
million of research and development revenues from our collaboration with
Amgen. Revenues for the same period in 2013 included $0.4 million of
research and development revenues from our collaboration with MyoKardia,
Inc., and $0.3 million of research and development revenues from our
collaboration with Amgen.

Total research and development (R&D) expenses in the first quarter of 2014
were $12.5 million, compared with $9.8 million for the same period in 2013.
The $2.7 million increase in R&D expenses for the first quarter of 2014,
compared with the same period in 2013, was primarily due to increased
spending for outsourced clinical costs and personnel expenses.

Total general and administrative (G&A) expenses for the first quarter of 2014
were $4.3 million, compared with $3.6 million for the same period in 2013.
The $0.7 million increase in G&A expenses in the first quarter of 2014,
compared with the same period in 2013, was primarily due to increased
spending for personnel expenses and corporate development planning.

Cash, cash equivalents and investments totaled $101.9 million as of March 31,
2014, compared to $80.2 million as of December 31, 2014. The increase was
primarily due to net proceeds of approximately $37.5 million received from a
public offering of 5.0 million shares of common stock, completed in February
2014, offset primarily by net operating expenses.

Annual Stockholders' Meeting

Cytokinetics' Annual Stockholders' Meeting will be held at the Embassy Suites
Hotel located at 250 Gateway Boulevard in South San Francisco, CA at 3:00 PM
on Wednesday, May 21, 2014.

Company Milestones

Skeletal Muscle Contractility

tirasemtiv

* Cytokinetics expects to analyze further the data from BENEFIT-ALS to inform
potential further development in ALS.

CK-2127107

* Cytokinetics expects to conduct additional Phase I studies and certain
Phase II readiness activities in 2014 pursuant to our collaboration
agreement with Astellas.

Cardiac Muscle Contractility

omecamtiv mecarbil

* Cytokinetics anticipates commencement of patient enrollment in CY 1211 to
occur by mid-year 2014.
* Cytokinetics expects both the enrollment of patients in the expansion phase
of COSMIC-HF and the conduct of CY 1211 to be completed in 2014.

Conference Call and Webcast Information

Members of Cytokinetics' senior management team will review the company's
first quarter results via a webcast and conference call today at 4:30 PM
Eastern Time. The webcast can be accessed through the Homepage and Investor
Relations section of the Cytokinetics website at www.cytokinetics.com. The
live audio of the conference call can also be accessed by telephone by
dialing either (866) 999-CYTK (2985) (United States and Canada) or (706)
679-3078 (international) and typing in the passcode 34949399.

An archived replay of the webcast will be available via Cytokinetics' website
until May 20, 2014. The replay will also be available via telephone by
dialing (855) 859-2056 (United States and Canada) or (404) 537-3406
(international) and typing in the passcode 34949399 from May 6, 2014 at 5:30
PM Eastern Time until May 13, 2014.

About Cytokinetics

Cytokinetics is a clinical-stage biopharmaceutical company focused on the
discovery and development of novel small molecule therapeutics that modulate
muscle function for the potential treatment of serious diseases and medical
conditions. Cytokinetics' lead drug candidate from its cardiac muscle
contractility program,omecamtiv mecarbil
, is in Phase II clinical development for the potential treatment of heart
failure. Amgen Inc. holds an exclusive licens...

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