Can't wait to see what CYTK does tomorrow! I loaded up @ $6.50!
SOUTH SAN FRANCISCO, CA, February 12, 2015 - Cytokinetics, Incorporated (Nasdaq: CYTK) reported total research and development revenues for the fourth quarter of 2014 were $21.8 million, compared to $24.3 million during the same period in 2013. The net income for the fourth quarter was $8.4 million, or $0.23 per basic and diluted share. This is compared to a net income for the same period in 2013, of $6.5 million, or $0.22 per basic share and $0.21 per diluted share. As of December 31, 2014, cash, cash equivalents and investments totaled $83.2 million, which includes the receipt of $10 million for the sale of common stock to Astellas Pharma Inc., but does not include $45.0 million received from Astellas in January 2015. With the recognition of a milestone payment under its collaboration agreement with Astellas, the company exceeded its 2014 financial guidance.
“The recent expansion of our collaboration agreement with Astellas enables Cytokinetics to advance CK-2127107 into a Phase II trial in 2015 as well as the financial leverage to capitalize on other pipeline progress,” stated Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. “Regulatory interactions over the last few months in both the United States and Europe inform a path forward for tirasemtiv to Phase III in patients with ALS. In addition, we are nearing completion of enrollment in COSMIC-HF, enabling the reporting of key data relating to omecamtiv mecarbil in chronic heart failure patients later this year. Taken all together, we have entered 2015 well positioned to achieve on program milestones relating to our first-in-class drug candidates directed to augmenting muscle function across multiple therapeutic categories.”
