2012-09-24 13:37:32 -
South San Francisco, CA, September 24, 2012 - Cytokinetics, Incorporated
(Nasdaq: CYTK) announced today that it is participating in the launch of
MyoKardia, Inc., a start-up company that is focused to genetic heart disease.
MyoKardia is being funded by Third Rock Ventures with a $38 million Series A
financing. Contemporaneous with the launch of MyoKardia, Cytokinetics has
entered into a research collaboration with the company. Under the agreement,
MyoKardia will fund activities and personnel at Cytokinetics in connection with
an agreed research plan. In addition, Cytokinetics has obtained an equity
position in MyoKardia as consideration for an assignment of patent rights
related to compounds and the licensing of enabling know-how, both associated
with Cytokinetics' cardiac sarcomere inhibitor program which is focused to the
treatment of hypertrophic cardiomyopathies. Cytokinetics may also receive
payments
based on the achievement of preclinical, clinical and commercial
milestones and may receive royalties on the sale of products that arise from the
research.
The research collaboration with MyoKardia is amongst a series of recent
transactions executed by Cytokinetics that are intended to moderate net spending
and to ensure that the company can maintain its commitment to ongoing research.
These focused collaborations are consistent with Cytokinetics' strategy to
monetize prior investments in proprietary programs and to attract external
funding to advance its research alongside the company's increased operational
and financial commitment to the development of drug candidates that have arisen
from its prior research activities. Consistent with this strategy, earlier in
2012, Cytokinetics announced a collaboration with Global Blood Therapeutics,
another company funded by Third Rock Ventures, whose research is focused to
blood diseases. In addition, Cytokinetics is conducting an ongoing joint
research program with Amgen directed to next-generation cardiac sarcomere
activators pursuant to the collaboration agreement executed by Cytokinetics and
Amgen in 2006. Many of Cytokinetics' research scientists are engaged in one or
more of these collaborations, which also affords the company an opportunity to
advance proprietary programs focused to muscle biology.
"We are pleased to announce our participation in the launch of MyoKardia through
this innovative research collaboration. MyoKardia is an exciting
biopharmaceutical company that is enabled in its start-up activities by
expertise, infrastructure and intellectual property contributed by our company,"
stated Robert I. Blum, Cytokinetics' President and Chief Executive Officer.
"This collaboration serves as another example of our successful strategy to
reduce net spending directed to research activities while also ensuring we
maintain the operational excellence that has successfully contributed to our
pharmaceutical development programs that we are advancing in later-stage
clinical trials. Cytokinetics is pleased to facilitate and engage a promising
company that is focused to an exciting area of cardiovascular research. We look
forward to collaborating with MyoKardia to advance compounds that arose from our
prior research and that hold promise for patients."
About Cytokinetics
Cytokinetics is a clinical-stage biopharmaceutical company focused on the
discovery and development of novel small molecule therapeutics that modulate
muscle function for the potential treatment of serious diseases and medical
conditions. Cytokinetics' lead drug candidate from its cardiac muscle
contractility program, omecamtiv mecarbil, is in Phase II clinical development
for the potential treatment of heart failure. Amgen Inc. holds an exclusive
license worldwide (excluding Japan) to develop and commercialize omecamtiv
mecarbil and related compounds, subject to Cytokinetics' specified development
and commercialization participation rights. Cytokinetics is independently
developing tirasemtiv, a skeletal muscle activator, as a potential treatment for
diseases and conditions associated with aging, muscle wasting or neuromuscular
dysfunction. Tirasemtiv is currently the subject of a Phase II clinical trials
program and has been granted orphan drug designation and fast track status by
the U.S. Food and Drug Administration and orphan medicinal product designation
by the European Medicines Agency for the potential treatment of amyotrophic
lateral sclerosis, a debilitating disease of neuromuscular impairment in which
treatment with tirasemtiv produced potentially clinically relevant
pharmacodynamic effects in Phase II trials. Cytokinetics is also conducting
research on compounds that inhibit smooth muscle contractility and which may be
useful as potential treatments for diseases and conditions associated with
excessive smooth muscle contraction, such as bronchoconstriction associated with
asthma and chronic obstructive pulmonary disease. All of these drug candidates
and potential drug candidates have arisen from Cytokinetics' research activities
and are directed towards the cytoskeleton. The cytoskeleton is a complex
biological infrastructure that plays a fundamental role within every human cell.
Additional information about Cytokinetics can be obtained at
www.cytokinetics.com.
This press release contains forward-looking statements for purposes of the
Private Securities Litigation Reform Act of 1995 (the "Act"). Cytokinetics
disclaims any intent or obligation to update these forward-looking statements,
and claims the protection of the Act's Safe Harbor for forward-looking
statements. Examples of such statements include, but are not limited to,
statements relating to Cytokinetics' and its partners' research and development
activities, the receipt of research funding and potential milestones and
royalties from collaborations, and the properties and potential benefits of
Cytokinetics' drug candidates and compounds. Such statements are based on
management's current expectations, but actual results may differ materially due
to various risks and uncertainties, including, but not limited to, potential
difficulties or delays in the development, testing, regulatory approvals for
trial commencement, progression or product sale or manufacturing, or production
of Cytokinetics' drug candidates that could slow or prevent clinical development
or product approval, including risks that current and past results of clinical
trials or preclinical studies may not be indicative of future clinical trials
results, patient enrollment for or conduct of clinical trials may be difficult
or delayed, Cytokinetics' drug candidates may have adverse side effects or
inadequate therapeutic efficacy, the U.S. Food and Drug Administration or
foreign regulatory agencies may delay or limit Cytokinetics' or its partners'
ability to conduct clinical trials, and Cytokinetics may be unable to obtain or
maintain patent or trade secret protection for its intellectual property;
Amgen's decisions with respect to the design, initiation, conduct, timing and
continuation of development activities for omecamtiv mecarbil; Cytokinetics may
incur unanticipated research and development and other costs or be unable to
obtain additional financing necessary to conduct development of its products on
acceptable terms, if at all; Cytokinetics may be unable to enter into future
collaboration agreements for its drug candidates and programs on acceptable
terms, if at all; standards of care may change, rendering Cytokinetics' drug
candidates obsolete; competitive products or alternative therapies may be
developed by others for the treatment of indications Cytokinetics' drug
candidates and potential drug candidates may target; and risks and uncertainties
relating to the timing and receipt of payments from its partners, including
milestones and royalties on future potential product sales under Cytokinetics'
collaboration agreements with such partners. For further information regarding
these and other risks related to Cytokinetics' business, investors should
consult Cytokinetics' filings with the Securities and Exchange Commission.
Contact:
Jodi L. Goldstein
Manager, Marketing & Corporate Communications
(650) 624-3000
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originality of the information contained therein.
Source: Cytokinetics, Inc. via Thomson Reuters ONE
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