Cytokinetics Announces 1-for-6 Reverse Stock Split
(Thomson Reuters ONE) -
South San Francisco, CA June 24, 2013 - Cytokinetics, Incorporated (NASDAQ:CYTK)
announced today that it has filed a Certificate of Amendment to its Amended and
Restated Certificate of Incorporation to effect a one-for-six reverse stock
split of its common stock, effective as of 5:00 p.m. Eastern time today. A
series of alternate amendments to effect a reverse stock split were approved by
the Company's stockholders at its Annual Meeting of Stockholders held on May
22, 2013, and the specific one-for-six ratio was subsequently approved by the
Company's Board of Directors.
At the effective time of the reverse stock split, every six shares of the
Company's issued and outstanding common stock will be automatically converted
into one issued and outstanding share of common stock, without any change in par
value per share. The reverse stock split will affect all shares of the Company's
common stock outstanding immediately prior to the effective time of the reverse
stock split, as well as the number of shares of common stock available for
issuance under the Company's equity incentive plans. In addition, the reverse
stock split will effect a reduction in the number of shares of common stock
issuable upon the conversion of shares of preferred stock or upon the exercise
of stock options or warrants outstanding immediately prior to the effectiveness
of the reverse stock split. No fractional shares will be issued as a result of
the reverse stock split. Stockholders who would otherwise be entitled to receive
a fractional share will receive, in lieu thereof, a cash payment based on the
closing sales price of the Company's common stock as reported on the NASDAQ
Capital Market on the last business day immediately preceding the effective date
of the reverse stock split. The Company's common stock will begin trading on
the NASDAQ Capital Market on a split-adjusted basis when the market opens on
Tuesday, June 25, 2013. The new CUSIP number for the Company's common stock
following the reverse stock split is 23282W 605.
The reverse stock split will reduce the number of shares of common stock issued
and outstanding from approximately 163.6 million to approximately 27.3 million.
Concurrently, the authorized number of shares of common stock will be reduced
to 81.5 million.
Computershare Trust Company, N.A. is acting as exchange agent and transfer agent
for the reverse stock split. Computershare will provide instructions to
stockholders regarding the process for exchanging their pre-split stock
certificates for post-split stock certificates. Additional information
regarding the reverse stock split can be found in the Company's definitive proxy
statement filed with the Securities and Exchange Commission on April 2, 2013.
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 to develop and commercialize omecamtiv mecarbil and related
compounds, subject to Cytokinetics' specified development and commercialization
participation rights. Cytokinetics is independently developing tirasemtiv and
CK-2127107, both fast skeletal muscle activators, as potential treatments for
diseases and medical 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.
Contact:
Cytokinetics, Inc.
Joanna L. Goldstein (Investors & Media)
(650) 624-3000
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
[HUG#1711723]
Unternehmensinformation / Kurzprofil:
Datum: 25.06.2013 - 02:01 Uhr
Sprache: Deutsch
News-ID 272718
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contact information:
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Kategorie:
Business News
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