CYTOKINETICS, INCORPORATED

(CYTK)
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Delayed Nasdaq  -  03:47 2022-08-11 pm EDT
49.28 USD   -6.56%
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08/05CYTOKINETICS INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
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Cytokinetics Shares Drop 15% After Pricing of Private Offering of Notes

06/30/2022 | 06:56am EDT

By Chris Wack


Cytokinetics Inc. shares were down 15% to $41.50 in premarket trading after the company said it plans to offer $450 million of convertible senior notes due 2027 in a private offering.

The company expects to grant the initial purchasers of the notes an option to purchase up to an additional $90 million in notes.

The notes will be senior, unsecured obligations of Cytokinetics and will accrue interest payable semiannually in arrears. The notes will mature on July 1, 2027, unless earlier converted, redeemed or repurchased by Cytokinetics, the company said.

Cytokinetics intends to use a portion of the proceeds from the offering and to issue shares of its common stock to repurchase a portion of its outstanding 4.00% convertible senior notes due 2026 through privately negotiated transactions entered into concurrently with the pricing of the offering, it said.

The company said it intends to use the remainder of the proceeds of the offering to expand and support its clinical development program for aficamten in patients with hypertrophic cardiomyopathy; expand commercial capabilities and conduct readiness activities in the U.S., Canada and Europe to support the potential launch of omecamtiv mecarbil and aficamten in those geographies; and advance its early-stage clinical development pipeline.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

06-30-22 0655ET

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Financials (USD)
Sales 2022 99,3 M - -
Net income 2022 -317 M - -
Net cash 2022 161 M - -
P/E ratio 2022 -14,8x
Yield 2022 -
Capitalization 4 965 M 4 965 M -
EV / Sales 2022 48,4x
EV / Sales 2023 80,6x
Nbr of Employees 253
Free-Float 95,6%
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Number of Analysts 13
Last Close Price 52,74 $
Average target price 63,77 $
Spread / Average Target 20,9%
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Managers and Directors
Robert I. Blum CFO, SVP-Corporate Development & Finance
Ching W. Jaw Chief Financial Officer & Senior Vice President
John Tannahill Henderson Chairman
Andrew A. Wolff Senior VP-Clinical Research & Development
Fady Ibraham Malik Executive Vice President-Research & Development
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