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.

Titan to borrow $20M from Deerfield Management

Titan Pharmaceuticals Inc. will borrow $20 million from Deerfield Management and use the money to pay off another loan from Oxford Finance Corp.
South San Francisco-based Titan (OTCBB: TTNP) will also spend some of the money on developing its drug Probuphine and on general company costs.
The company, led by President Sunil Bhonsle, will get the loan around April 4.