Cytokinetics Announces Pricing of Public Offering of Common Stock
May 08 2017 - 9:49PM
Cytokinetics, Incorporated (Nasdaq:CYTK) today announced the
pricing of an underwritten public offering of 5,260,000 shares of
its common stock at a price to the public of $14.25 per share,
before underwriting discounts and commissions. The gross proceeds
to Cytokinetics from the offering, before deducting underwriting
discounts and commissions and other offering expenses payable by
Cytokinetics, are expected to be to be approximately $75.0
million. The offering is expected to close on May 12, 2017,
subject to customary closing conditions. Additionally,
Cytokinetics granted the underwriter a 30-day option to purchase up
to an additional 789,000 shares of common stock at the public
offering price, less underwriting discounts and commissions.
All of the shares of common stock in the offering will be sold by
Cytokinetics.
Morgan Stanley is acting as sole underwriter for
the offering. A registration statement related to the offering has
been filed with the Securities and Exchange Commission (the
“SEC”). A preliminary prospectus supplement relating to and
describing the terms of the offering was filed with the SEC and is
available on the SEC’s website at www.sec.gov. Copies of the final
prospectus supplement, when available, may be obtained from the
offices of Morgan Stanley & Co. LLC, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cytokinetics
Cytokinetics is a late-stage biopharmaceutical
company focused on discovering, developing and commercializing
first-in-class muscle activators as potential treatments for
debilitating diseases in which muscle performance is compromised
and/or declining.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements relating to Cytokinetics’
expectations regarding the completion and timing of the public
offering. These statements are subject to significant risks and
uncertainties and actual results could differ materially from those
projected. Cytokinetics cautions investors not to place undue
reliance on the forward-looking statements contained in this
release. These risks and uncertainties include, without limitation,
risks and uncertainties related to the satisfaction of customary
closing conditions related to the public offering. There can be no
assurance that Cytokinetics will be able to complete the public
offering on the anticipated terms, or at all. Risks and
uncertainties relating to Cytokinetics and its business can be
found in the “Risk Factors” section of Cytokinetics’ Quarterly
Report on Form 10-Q for the first quarter of 2017, which was filed
on May 4, 2017, and in the preliminary prospectus supplement
related to the proposed offering filed with the SEC. Cytokinetics
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or changes in Cytokinetics’
expectations.
Contact:
Cytokinetics
Diane Weiser
Vice President, Corporate Communications, Investor Relations
(415) 290-7757
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