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Cytokinetics Reports Second Quarter 2020 Financial Results
Top-line Results from GALACTIC-HF Expected in Q4 2020 Licensing Collaboration, Royalty Monetizations and Financing Provide Additional Capitalto Support
About this update from Cytokinetics, Incorporated
[{"type":"text","content":"Top-line Results from GALACTIC-HF Expected in Q4 2020\n Licensing Collaboration, Royalty Monetizations and Financing Provide Additional Capitalto Support Commercial Development and Pipeline Expansion;Company Expects to End 2020 With More Than $500 Million Cash SOUTH SAN FRANCISCO, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) reported financial results for the second quarter of 2020. Net loss for the second quarter was $40.8 million, or $0.68 per share, compared to net loss for the second quarter of 2019 of $32.1 million, or $0.56 per share. Cash, cash equivalents and investments totaled $213.1 million at June 30, 2020. After the quarter, Cytokinetics executed a series of transactions which contribute up to $250 million in cash plus committed cash, as well as up to $200 million in potential milestone payments plus royalties. Also, after the quarter, the company raised $189 million through a public offering of common stock. Cytokinetics expects to end 2020 with more than $500 million in cash plus committed cash, subject to closing conditions. “Despite challenges related to the COVID-19 pandemic, Cytokinetics achieved significant progress against our key objectives during the second quarter,” said Robert I. Blum, Cytokinetics’ President and Chief Executive Office. “After suspending enrollment in METEORIC-HF and REDWOOD-HCM earlier in the quarter, we resumed screening and enrollment in both trials during June. In addition, GALACTIC-HF continued toward conclusion on schedule with top-line results expected in the fourth quarter. Moreover, our recent licensing collaboration, royalty monetization deals and follow-on offering position the company operationally and financially to expand development activities and execute our Vision 2025.” Recent Highlights Cardiac Muscle Programs omecamtiv mecarbil (cardiac myosin activator) Received Fast Track designation for omecamtiv mecarbil for the potential treatment of chronic heart failure with reduced ejection fraction (HFrEF). Continued conduct of and initiated closeout activities for 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. We expect top-line results in Q4 2020. GALACTIC-HF is being conducted by Amgen in coll...