Cytokinetics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
11 November 2020 - 8:00AM
Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on
October 30, 2020 it granted stock options to purchase an aggregate
of 2,850 shares of common stock to Cuong Nguyen, a new employee
whose employment commenced in October 2020 as a material inducement
to his employment. The grant was previously approved by the
Compensation and Talent Committee of Cytokinetics’ Board of
Directors under the company’s Amended and Restated 2004 Equity
Incentive Plan.
The stock options that were granted are subject
to an exercise price of $15.37 per share, which is equal to the
closing price of the Company’s common stock on October 30, 2020,
and will vest over 4 years, with 1/4th of the shares underlying the
employee’s option vesting on the one-year anniversary of the
applicable vesting commencement date and the remaining shares
thereafter vesting monthly at a rate of 1/48th of the shares
underlying each employee’s option over the subsequent 36 months,
subject to the new employee’s continued service with the Company.
Each stock option has a 10-year term and is subject to the terms
and conditions of the Company's Amended and Restated 2004 Equity
Incentive Plan and the stock option agreement pursuant to which the
option was granted.
The options were granted as material inducements
to employment in accordance with Nasdaq Listing Rule
5635(c)(4).
About Cytokinetics
Cytokinetics is a late-stage biopharmaceutical
company focused on discovering, developing and commercializing
first-in-class muscle activators and next-in-class muscle
inhibitors as potential treatments for debilitating diseases in
which muscle performance is compromised and/or declining. As a
leader in muscle biology and the mechanics of muscle performance,
the company is developing small molecule drug candidates
specifically engineered to impact muscle function and
contractility. Cytokinetics is collaborating with Amgen Inc.
(Amgen) to develop omecamtiv mecarbil, a novel cardiac muscle
activator. Omecamtiv mecarbil is the subject of an international
clinical trials program in patients with heart failure including
GALACTIC-HF, of which topline results were recently reported, and
METEORIC-HF, which is ongoing. Amgen holds an exclusive worldwide
license to develop and commercialize omecamtiv mecarbil with a
sublicense held by Servier for commercialization in Europe and
certain other countries. Cytokinetics is developing reldesemtiv, a
fast skeletal muscle troponin activator (FSTA) for the potential
treatment of ALS and other neuromuscular indications following
conduct of FORTITUDE-ALS and other Phase 2 clinical trials. The
company is considering potential advancement of reldesemtiv to
Phase 3 pending ongoing regulatory interactions. Cytokinetics is
collaborating with Astellas Pharma Inc. (Astellas) to research,
develop and commercialize other novel mechanism skeletal sarcomere
activators (not including FSTAs). Licenses held by Amgen and
Astellas are subject to specified co-development and
co-commercialization rights of Cytokinetics. Cytokinetics is also
developing CK-274, a novel cardiac myosin inhibitor that company
scientists discovered independent of its collaborations, for the
potential treatment of hypertrophic cardiomyopathies. Cytokinetics
has granted Ji Xing Pharmaceuticals Limited an exclusive license to
develop and commercialize CK-274 in China and Taiwan, in accordance
with Cytokinetics’ planned global registration programs.
Cytokinetics is conducting REDWOOD-HCM, a Phase 2 clinical trial of
CK-274 in patients with obstructive HCM. Cytokinetics continues its
over 20-year history of pioneering innovation in muscle biology and
related pharmacology focused to diseases of muscle dysfunction and
conditions of muscle weakness.
For additional information about Cytokinetics,
visit www.cytokinetics.com and follow us on Twitter, LinkedIn,
Facebook and YouTube.
Forward-Looking Statements
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 Cytokinetics' and its partners' research and
development activities of Cytokinetics’ product 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 the risks related
to Cytokinetics' business outlined
in Cytokinetics' filings with the Securities and
Exchange Commission. Forward-looking statements are not guarantees
of future performance, and Cytokinetics' actual results
of operations, financial condition and liquidity, and the
development of the industry in which it operates, may differ
materially from the forward-looking statements contained in this
press release. Any forward-looking statements
that Cytokinetics makes in this press release speak only
as of the date of this press
release. Cytokinetics assumes no obligation to update its
forward-looking statements whether as a result of new information,
future events or otherwise, after the date of this press
release.
Contact:CytokineticsDiane WeiserSenior Vice
President, Corporate Communications, Investor Relations(415)
290-7757
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