Cytokinetics, Incorporated ( CYTK) Message Board

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Biotech / Medical : Cytokinetics, Incorporated ( CYTK)

CYTK 64.12

+1.3%

Dec 24 12:59 PM EST

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From: mopgcw	12/29/2014 2:01:20 PM
	of 405

Needham & Co. We reiterate our Buy rating and $15 price target for the biopharmaceutical company, but are changing the composition of the parts to shift some value away from omecamtiv [a treatment for heart failure] toward CK-107 [for treatment of skeletal and muscular diseases]. This shift reflects today’s announcement of Cytokinetics’ expanded deal with Astellas, a partner in developing CK-107.Under the extended agreement, Cytokinetics will receive a $30 million upfront licensee fee and a $15 million milestone payment for the advancement of CK-107, and Astellas will purchase $10 million of CYTK common stock for a total of $55 million. Cytokinetics will also receive more than $20 million in potential R&D funding over the next two years, and more than $600 million for reaching certain pre-commercialization and commercialization milestones; it will also receive escalating royalties with increased sales. Cytokinetics retains the option to co-fund the development of CK-107. Specifically, Cytokinetics will initiate a Phase II trial of CK-107 in patients with the orphan neuromuscular disorder, spinal muscular atrophy (SMA) in 2015.

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