Monday, April 18, 2011

Cytokinetics to raise $20.1 million in Deerfield stock deal

Cytokinetics Inc., which unveiled new data from a mid-stage study of a drug focused on Lou Gehrig’s disease, said it will raise $20.1 million by selling 5.3 million shares of common stock at $1.50 per share and 8,070 shares of convertible preferred stock at $1,500 per share.
The buyers are entities affiliated with Deerfield Management Co., a health care investment manager, according to South San Francisco-based Cytokinetics (NASDAQ: CYTK).
The preferred stock is non-voting but converts into more than 8 million shares of common stock as long as Deerfield doesn’t own more than 9.98 percent of Cytokinetics common shares.

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