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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Cytokinetics, Inc.    CYTK

CYTOKINETICS, INC. (CYTK)
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CYTOKINETICS INC : Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Unregistered Sale of Equity Securities (form 8-K)

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08/10/2018 | 04:18pm EST

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed in the Current Report on Form 8-K filed on October 27, 2017, Cytokinetics, Incorporated (the "Company") entered into a Second Amendment (the "Amendment") to that certain loan and security agreement (the "Original Loan Agreement") dated October 19,2015 with Oxford Finance LLC ("Oxford"), as the collateral agent and a lenders party thereto.

On August 8, 2018, following the satisfaction of certain conditions related to Phase 2 data for reldesemtiv in spinal muscular atrophy specified in the Amendment, the Company drew an additional $10.0 million.

In connection with Term Loan C, the Company issued to the Lenders warrants exercisable for 42,253 shares of the Company's common stock (the "Warrants"). The Warrants are exercisable in whole or in part, immediately, and have a per share price of $7.10, which was calculated based on the methodology provided in the Agreement.

The foregoing is only a summary of the material terms of the Agreement and the Warrants, and does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement and the Warrants.

Item 3.02 Unregistered Sales of Equity Securities.

The information set forth under Item 2.03 above that relates to the issuance of the Warrants is hereby incorporated by reference into Item 3.02.

The Warrants described in Item 2.03 above were offered and sold in reliance upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended (the "Securities Act"). The Warrants contain representations to support the Company's reasonable belief that each of the recipients of such securities had access to information concerning the Company's operations and financial condition, that each such recipient is acquiring the securities for its own account and not with a view to the distribution thereof, and that each such recipient is an "accredited investor" as defined by Rule 501 promulgated under the Securities Act.

© Edgar Online, source Glimpses

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Financials ($)
Sales 2018 27,0 M
EBIT 2018 -90,8 M
Net income 2018 -108 M
Finance 2018 161 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 7,90x
EV / Sales 2019 5,89x
Capitalization 375 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 14,0 $
Spread / Average Target 104%
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Managers
NameTitle
Robert I. Blum President, Chief Executive Officer & Director
L. Patrick Gage Chairman
Ching Jaw Chief Financial Officer & Senior Vice President
Andrew A. Wolff Chief Medical Officer & Senior Vice President
John Tannahill Henderson Independent Director
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