Cytokinetics Incorporated (NASDAQ:CYTK) has announced its Q3 2020 financial results in which net loss was $3.2 million or $0.05 per share. At the end of the quarter, the company had $451.2 million in cash, cash equivalents and investments which didn’t include the $85 million expected after finalizing of the purchase of Cytokinetic’s royalty rights by RTW Investments on mavacamten future sales.
Omecamtiv mercabil attained primary endpoint in GALACTIC-GF study
Robert Blum the company’s CEO and President, indicated that the company was recently delighted to announce encouraging topline results in GALACTIC-HF. The results showed a reduction in the primary efficacy endpoint with omecamtiv mecarbil. The company is looking forward to presenting the results at the AHA Scientific Sessions, which includes pre-specified subgroup analyses that will elaborate ion patients with different effects with the cardiac myosin activator.
Blum said that the company continued to advance its pipeline in the third quarter. This is highlighted by CK-274 advancement in REDWOOD-HCM and clinical development of a second myosin inhibitor. The CEO said that the company has a strong balance sheet which, together with financial deals finalized in July and fortified business development position the company to fund the advancement of its muscle-directed drug candidates into clinical studies.
Cytokinetics advancing its cardiac muscle programs
During the quarter the company completed closeout activities for the third phase GALACTIC-HF clinical study of omercamtiv mecarbil. Cytokinetics recently released topline results of the study indicating that the cardiac myosin activator attained primary efficacy endpoint and also showed a significant effect in the reduction of cardiovascular death or heart failure. The company is reviewing pre-specified and supplemental analyses of the GALACTIC-HF results in partnership with Amgen and discussions are on-going regarding next steps.
The company also continued to conduct REDWOOD-HCM phase 2 clinical study. The study has been designed to evaluate the tolerability and safety of CK-274 in obstructive hypertrophic cardiomyopathy. Cytokinetics recently finalized enrolment in the first group of patients in REDWOOD-HCM and expects to offer summary data that will guide progression into the second cohort of the study by the end of this year.