Cytokinetics (CYTK) Prices Common, Convertible Offerings
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Cytokinetics, Incorporated (Nasdaq: CYTK) announced today the pricing of concurrent, separate underwritten offerings of (i) 55.9M shares of its common stock and accompanying warrants to purchase 0.6 shares of common stock for each share purchased at a price to the public of $0.76 for each share of common stock and accompanying warrant, expected gross proceeds of $42.5M, and (ii) 23,026 shares of its Series B Convertible Preferred Stock ("Series B") and accompanying warrants to purchase 600 shares of common stock for each share of Series B purchased, at a price to the public of $760.00 for each share of Series B and accompanying warrants, for expected gross proceeds of $17.5M. The Series B is non-voting and each share of Series B is convertible into 1000 shares of Cytokinetics common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of Cytokinetics shares of common stock then outstanding. The warrants in both offerings are exercisable at an exercise price of $0.88 per share beginning on the date of issuance and will expire on the fifth anniversary of the date of issuance. All of the shares of common stock, Series B and warrants in these offerings are to be sold by Cytokinetics. The common stock and accompanying warrant offering and the Series B and accompanying warrant offering are being conducted as separate public offerings by means of separate prospectus supplements, and neither offering is contingent upon the consummation of the other. Cytokinetics expects to receive combined gross proceeds of approximately $60.0M from these offerings, before deducting the estimated expenses. These offerings are expected to close on June 25, 2012, subject to customary closing conditions.
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