Cytokinetics – $450 Million Convertible Senior Notes Offering

San Francisco – July 8, 2022 – Cooley advised biopharmaceutical company Cytokinetics on its Rule 144A offering of $450 million aggregate principal amount of 3.50% convertible senior notes due in 2027, which includes the full exercise of the initial purchasers’ option to purchase an additional $90 million aggregate principal amount of notes. Lawyers Robert Jones, Mischi a Marca, Alan Hambelton, Jason Savich, Julia Stark, Justine Chiu and Hailey Yook led the Cooley team advising Cytokinetics.

Cytokinetics used a portion of the net proceeds from the offering to pay the cash portion of the consideration in the concurrent repurchase of approximately $116.9 million aggregate principal amount of Cytokinetics’ outstanding 4.00% convertible senior notes due in 2026. Cytokinetics intends to use the remainder of the net proceeds from the offering to expand and support its clinical development program for aficamten in patients with hypertrophic cardiomyopathy (HCM), including the spending associated with the potential conduct of a second phase 3 clinical trial in patients with obstructive HCM and a first phase 3 clinical trial in patients with non-obstructive HCM.

The company also plans to expand its commercial capabilities and conduct readiness activities in the United States, Canada and Europe to support the potential launch of omecamtiv mecarbil and aficamten in those regions; advance its early-stage clinical development pipeline, including the progression of CK-136 to proof-of-concept studies and the possible development of additional cardiac myosin inhibitors for the potential treatment of heart failure with preserved ejection fraction; increase its muscle biology-focused research activities to energetics, growth and metabolism of muscle; and use the funds for general corporate purposes, including as working capital.

Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing, and commercializing first-in-class muscle activators and next-in-class muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised. As a leader in muscle biology and the mechanics of muscle performance, the company is developing small-molecule drug candidates specifically engineered to impact muscle function and contractility.

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