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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cytokinetics Inc | NASDAQ:CYTK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.19 | -1.84% | 63.61 | 63.09 | 64.50 | 66.12 | 64.50 | 65.00 | 738,059 | 01:00:00 |
By Chris Wack
Cytokinetics Inc. shares were down 15% to $41.50 in premarket trading after the company said it plans to offer $450 million of convertible senior notes due 2027 in a private offering.
The company expects to grant the initial purchasers of the notes an option to purchase up to an additional $90 million in notes.
The notes will be senior, unsecured obligations of Cytokinetics and will accrue interest payable semiannually in arrears. The notes will mature on July 1, 2027, unless earlier converted, redeemed or repurchased by Cytokinetics, the company said.
Cytokinetics intends to use a portion of the proceeds from the offering and to issue shares of its common stock to repurchase a portion of its outstanding 4.00% convertible senior notes due 2026 through privately negotiated transactions entered into concurrently with the pricing of the offering, it said.
The company said it intends to use the remainder of the proceeds of the offering to expand and support its clinical development program for aficamten in patients with hypertrophic cardiomyopathy; expand commercial capabilities and conduct readiness activities in the U.S., Canada and Europe to support the potential launch of omecamtiv mecarbil and aficamten in those geographies; and advance its early-stage clinical development pipeline.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 30, 2022 06:55 ET (10:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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