Roth Capital Positive on Cytokinetics (CYTK) Following 'Milestone' ALS Study Enrollment
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Roth Capital affirms Cytokinetics (Nasdaq: CYTK) at Buy with a price target of $22 after the announced the completion of patient enrollment in VITALITY-ALS (Ventilatory Investigation of Tirasemtiv and Assessment of Longitudinal Indices after Treatment for a Year in ALS), an international Phase 3 clinical trial of tirasemtiv in patients with ALS. VITALITY-ALS is designed to assess the effects of tirasemtiv versus placebo on slow vital capacity (SVC) and other measures of skeletal muscle strength in patients with ALS.
Analyst Joseph Pantginis commented on Wednesday:
Today's news represents a milestone for CYTK’s VITALITY-ALS Phase III study allowing for the anticipation of timely study results in 2H17. Cytokinetics and Astellas announced an expansion to their collaboration in the area of skeletal muscle activators, which included granting Astellas an option on tirasemtiv for ALS. The amended agreement includes $65 million in committed capital to Cytokinetics from Astellas, including upfront payments for Astellas' option right exercisable for tirasemtiv. If Astellas exercises its option then 1) the parties will enter into a global partnership in which Cytokinetics will develop and commercialize tirasemtiv in North America, Europe, and other select countries and Astellas will develop and commercialize it in other countries 2) Cytokinetics may receive over $100 million in payments for exercise of the option and 3) Cytokinetics may receive milestone payments and escalating royalties on Astellas' sales of tirasemtiv.
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