Cytokinetics, Inc. : Cytokinetics, Incorporated Receives NASDAQ Notice of
Minimum Bid Price Compliance
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
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
information contained therein.
Source: Cytokinetics, Inc. via Thomson Reuters ONE
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