Business
Cytokinetics Reports First Quarter 2020 Financial Results
Top-line Results for GALACTIC-HF Expected in Q4 2020 Ended Q1 with More Than Two Years of Going Forward Cash Based on 2020 Guidance SOUTH SAN FRANCISCO,
About this update from Cytokinetics, Incorporated
[{"type":"text","content":"Top-line Results for GALACTIC-HF Expected in Q4 2020\n Ended Q1 with More Than Two Years of Going Forward Cash Based on 2020 Guidance SOUTH SAN FRANCISCO, Calif., May 06, 2020 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) reported financial results for the first quarter of 2020. Net loss for the first quarter was $39.4 million, or $0.66 per share, compared to net loss for the first quarter of 2019 of $29.4 million, or $0.54 per share. Cash, cash equivalents and investments totaled $237.2 million at March 31, 2020. “While we face challenges due to the COVID-19 pandemic, we believe we are on track to achieve our key strategic objectives in 2020, in particular, the sharing of top-line results from GALACTIC-HF, expected in the fourth quarter of this year,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “We are fortunate to have ended the first quarter with more than two years of forward cash runway based on our expected net cash spending of $105-115 million in 2020. We will continue to assess the impact of the pandemic to our business, with an eye toward prudently managing our cash and other resources and to prioritizing our strategic programs in our pipeline.” Recent Highlights Cardiac Muscle Programs omecamtiv mecarbil (cardiac myosin activator) Continued conduct of GALACTIC-HF (Global Approach to Lowering Adverse Cardiac Outcomes Through Improving Contractility in Heart Failure), the Phase 3 cardiovascular outcomes clinical trial of omecamtiv mecarbil, following the second and final planned interim analysis, which considered pre-specified criteria for futility and superiority. We expect top-line results in Q4 2020. GALACTIC-HF is being conducted by Amgen in collaboration with Cytokinetics. Published patient baseline characteristics and demographics from GALACTIC-HF during the Virtual American College of Cardiology 69th Annual Scientific Session together with the World Congress of Cardiology (ACC.20/WCC Virtual). Patients enrolled in the trial represent a population at risk for heart failure events despite being well-treated in accordance with international guidelines. Announced the publication of a manuscript relating to the design of GALACTIC-HF in the Journal of American College of Cardiology: Heart Failure (JACC: HF). Continued conduct of METEORIC-HF (Multicenter Exercise Tolerance Ev...