Cytokinetics Suffers over Missing Endpoints

Cytokinetics, Inc. (NASDAQ: CYTK) reported that VITALITY-ALS did not meet primary and secondary endpoints in Phase 3 trial of tirasemtiv.

Cytori is a late stage cell therapy company developing autologous cell therapies from adipose tissue to treat a variety of medical conditions. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy acts principally by improving blood flow, modulating the immune system, and facilitating wound repair.

As a result, Cytori Cell Therapy may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori’s proprietary technologies and products

In November, the San Diego-based company closed its rights offering to subscribe for units at a subscription price of $1,000 per unit.

Pursuant to the Rights Offering, Cytori sold an aggregate of 10,000 units consisting of an aggregate of 10,000 shares of Series B Preferred Stock and 18,000,000 warrants, with each warrant exercisable for one share of common stock at an exercise price of $0.3333 per share, resulting in gross proceeds to Cytori of $10.0 million, after deducting expenses relating to the Rights Offering, including dealer-manager fees and expenses, and excluding any proceeds received upon exercise of any warrants.

The warrants will be exercisable upon stockholder approval to increase our authorized shares of common stock.

The shares last changed hands this afternoon at $7.72, or down 28 cents from Friday’s close, near the bottom of a 52-week range of $7.00 to $17.20.