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Cytokinetics Reports Third Quarter 2020 Financial Results
Topline Results From GALACTIC-HF Show Trial Met Primary Composite Endpoint of Reduction in Cardiovascular Death or Heart Failure Events; Trial Did Not Meet
About this update from Cytokinetics, Incorporated
[{"type":"text","content":"Topline Results From GALACTIC-HF Show Trial Met Primary Composite Endpoint of Reduction in Cardiovascular Death or Heart Failure Events; Trial Did Not Meet Secondary Endpoint of Reduction in Cardiovascular Death\n Primary results from GALACTIC-HF to be presented as Late Breaking Clinical Trial Session at the American Heart Association Scientific Sessions 2020 on November 13, 2020 Enrollment Completed in Cohort 1 of REDWOOD-HCM SOUTH SAN FRANCISCO, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) reported financial results for the third quarter of 2020. Net loss for the third quarter was $3.2 million, or $0.05 per share, compared to net loss for the third quarter of 2019 of $29.6 million, or $0.50 per share. Cash, cash equivalents and investments totaled $451.2 million at September 30, 2020 and does not include $85 million expected upon the closing of RTW Investments’ purchase of Cytokinetics’ royalty rights on the future sales of mavacamten. “We were pleased to recently announce positive topline results in GALACTIC-HF which demonstrated a reduction in the primary efficacy outcome endpoint with omecamtiv mecarbil.” said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “We look forward to the presentation of the primary results at the AHA Scientific Sessions, including pre-specified subgroup analyses which will elaborate on patients that had differential effects with our cardiac myosin activator. During the third quarter, we continued to make progress on our pipeline, highlighted by the advancement of CK-274 in REDWOOD-HCM and our advancing a second cardiac myosin inhibitor into clinical development. With a strong balance sheet, fortified by business development and financing deals completed in July, we are well positioned to continue funding the progression of our muscle-directed drug candidates in clinical trials.” Recent Highlights Cardiac Muscle Programs omecamtiv mecarbil (cardiac myosin activator) Completed conduct of 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. Topline results from the trial were recently announced showing that treatment with omecamtiv mecarbil achieved the primary composite efficacy en...