2013-01-25 22:01:53 -
South San Francisco, CA, January 25, 2013 - Cytokinetics, Incorporated (NASDAQ:
CYTK), announced today that it has received a notice from The Nasdaq Stock
Market ("Nasdaq") confirming that for the last 10 consecutive business days, the
closing bid price of the Company's common stock has been at $1.00 per share or
greater. Accordingly, the Company has regained compliance with the minimum $1.00
bid price per share requirement.
As previously reported, the Company received notice from Nasdaq on June
18, 2012 that the Company's common stock had failed to maintain a minimum bid
price of $1.00 over the previous 30 consecutive business days as required by the
Listing Rules of The Nasdaq Stock Market.
On December 18, 2012, the Company
transferred its listing to the Nasdaq Capital Market and Nasdaq provided the
Company until June 17, 2013 to achieve compliance with the minimum $1.00 bid
price per share requirement.
Nasdaq has informed the Company that this matter is now closed.
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. All of these drug candidates have
arisen from Cytokinetics' muscle biology focused 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 the properties and potential benefits of Cytokinetics'
drug candidates and potential drug candidates. 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 approval and
production of Cytokinetics' drug candidates and potential 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 and that Cytokinetics' drug
candidates and potential drug candidates may have unexpected adverse side
effects or inadequate therapeutic efficacy. For further information regarding
these and other risks related to Cytokinetics' business, investors should
consult Cytokinetics' filings with the Securities and Exchange Commission.
Jodi L. Goldstein
Manager, Marketing & Corporate Communications
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cytokinetics, Inc. via Thomson Reuters ONE