SOUTH SAN FRANCISCO, CA, Jun 19, 2012 (MARKETWIRE via COMTEX) --Cytokinetics, Incorporated (NASDAQ: CYTK), announced today that it
has received a letter from the listing qualifications department
staff of The NASDAQ Stock Market LLC, notifying Cytokinetics that for
the last 30 consecutive business days the bid price of its common
stock had closed below $1.00 per share, the minimum closing bid price
required by the continued listing requirements set forth in Listing
Rule 5450(a)(1). The notice has no effect at this time on the listing
of Cytokinetics' common stock, which will continue to trade under the
symbol "CYTK".
Pursuant to Listing Rule 5810(c)(3)(A), Cytokinetics has 180 calendar
days, or until December 17, 2012, to regain compliance with the
minimum bid price requirement. If at any time before this date
Cytokinetics' common stock has a closing bid price of $1.00 or more
for a minimum of 10 consecutive business days, NASDAQ staff will
notify Cytokinetics that it has regained compliance. Cytokinetics
intends to actively monitor the bid price for its common stock
between now and December 17, 2012, and will consider all available
options to regain compliance.
If Cytokinetics cannot demonstrate compliance with Rule 5450(a)(1) by
December 17, 2012, NASDAQ will provide notice to Cytokinetics that
its securities may be delisted. At that time, Cytokinetics may submit
an application to transfer its securities to The NASDAQ Capital
Market. Following submission of the application, Cytokinetics may be
eligible for an additional 180-day period to regain compliance with
the minimum bid price requirement if it meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards, with the exception of the bid price
requirement, for The NASDAQ Capital Market. Alternatively,
Cytokinetics may appeal NASDAQ's decision to a Listing Qualifications
Panel. There can be no assurance, if Cytokinetics does appeal
NASDAQ's decision, that such appeal would be successful.
About Cytokinetics
Cytokinetics is a clinical-stage biopharmaceutical company focused on
the discovery and development of novel small molecule therapeutics
that modulate muscle function for the potential treatment of serious
diseases and medical conditions. Cytokinetics' lead drug candidate
from its cardiac muscle contractility program, omecamtiv mecarbil, is
in Phase II clinical development for the potential treatment of heart
failure. Amgen Inc. holds an exclusive license worldwide (excluding
Japan) to develop and commercialize omecamtiv mecarbil and related
compounds, subject to Cytokinetics' specified development and
commercialization participation rights. Cytokinetics is independently
developing CK-2017357, a skeletal muscle activator, as a potential
treatment for diseases and conditions associated with aging, muscle
wasting or neuromuscular dysfunction. CK-2017357 is currently the
subject of a Phase II clinical trials program and has been granted
orphan drug designation and fast track status by the U.S. Food and
Drug Administration and orphan medicinal product designation by the
European Medicines Agency for the potential treatment of amyotrophic
lateral sclerosis, a debilitating disease of neuromuscular impairment
in which treatment with CK-2017357 produced potentially clinically
relevant pharmacodynamic effects in Phase II trials. Cytokinetics is
also conducting research on compounds that inhibit smooth muscle
contractility and which may be useful as potential treatments for
diseases and conditions associated with excessive smooth muscle
contraction, such as bronchoconstriction associated with asthma and
chronic obstructive pulmonary disease. All of these drug candidates
and potential drug candidates have arisen from Cytokinetics' research
activities and are directed towards the cytoskeleton. The
cytoskeleton is a complex biological infrastructure that plays a
fundamental role within every human cell. Additional information
about Cytokinetics can be obtained at www.cytokinetics.com.
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
the properties and potential benefits of Cytokinetics' drug
candidates and potential drug 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, potential difficulties or delays in the development,
testing, regulatory approval and production of Cytokinetics' drug
candidates and potential drug candidates that could slow or prevent
clinical development or product approval, including risks that
current and past results of clinical trials or preclinical studies
may not be indicative of future clinical trials results and that
Cytokinetics' drug candidates and potential drug candidates may have
unexpected adverse side effects or inadequate therapeutic efficacy.
For further information regarding these and other risks related to
Cytokinetics' business, investors should consult Cytokinetics'
filings with the Securities and Exchange Commission.
Contact:
Jodi L. Goldstein
Manager, Marketing & Corporate Communications
(650) 624-3000
SOURCE: Cytokinetics, Inc.
