Cytokinetics (NASDAQ: [[ticker:CYTK]]), the South San Francisco-based drug developer, said today it has raised about $20 million by offering a combination of common and preferred stock. Deerfield Management bought the preferred stock, which is non-voting, and convertible into common stock holdings that are capped at 9.98 percent ownership of the company, Cytokinetics said. Cytokinetics has previously stated it entered 2011 with about $72.8 million of cash in the bank, and a plan to spend $40 to $45 million on R&D this year. The company also announced it has presented some mid-stage clinical trial results of a new drug for amyotrophic lateral sclerosis (ALS).
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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