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Cytokinetics Reports Fourth Quarter 2019 Financial Results
GALACTIC-HF Continuing Following Second Planned Interim Analysis; Top-line Results for GALACTIC-HF Expected in Q4 2020 Company Provides 2020 Financial
About this update from Cytokinetics, Incorporated
[{"type":"text","content":"GALACTIC-HF Continuing Following Second Planned Interim Analysis; Top-line Results for GALACTIC-HF Expected in Q4 2020\n Company Provides 2020 Financial Guidance; More Than Two Years of Cash Runway Based on 2020 Guidance SOUTH SAN FRANCISCO, Calif., March 03, 2020 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq:CYTK) reported financial results for the fourth quarter and full year 2019. Net loss for the fourth quarter was $30.6 million or $0.52 per share and net loss for the year 2019 was $121.7 million, or $2.11 per share. Net loss for the fourth quarter of 2018 was $26.5 million, or $0.48 per share and net loss for the year 2018 was $106.3 million, or $1.95 per share. Cash, cash equivalents and investments totaled $267.7 million at December 31, 2019. “We had a productive fourth quarter of 2019 which positions us well to deliver against our Vision 2025 that we recently announced pointing towards commercialization of our novel drug candidates, doubling our development pipeline and expanding the breadth of our muscle biology focused research,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “In 2020, we look forward to reaching several key milestones, including sharing top-line results of GALACTIC-HF and completing enrollment in METEORIC-HF, both alongside continued preparations for the potential commercialization of omecamtiv mecarbil and the development of a co-promotion plan in collaboration with Amgen. We are also advancing our pipeline of cardiac myosin inhibitors, including CK-274 in REDWOOD-HCM and CK-271 which we expect to enter Phase 1 soon. We began 2020 with a strong balance sheet enabling our continued execution on key objectives that we believe will empower us to deliver on the promise of our science for patients.” 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 recently completed second and final planned interim analysis, which considered pre-specified criteria for futility and superiority. We expect top-line results in Q4 2020.Announced the publication of a manuscript relating to the design of GALACTIC-HF in the Journal of...