Cytokinetics' quarterly net loss up at $14.9 million

By Lisa Kerner

Charlotte, N.C. , Oct. 26 - Cytokinetics, Inc. reported a net loss for the third-quarter 2006 of $14.9 million, or $0.41 per share, compared to a net loss of $10.1 million, or $0.35 per share, for the same period in 2005.

The company ended the period on Sept. 30 with cash, cash equivalents, restricted cash and marketable securities totaling $93.9 million.

Research and development revenues were $0.1 million in the third quarter, down from $1.9 million in the third quarter of 2005.

Total R&D expenses for the third quarter were up at $12.5 million, from $9.3 million in the year-ago period.

For the first nine months of 2006, Cytokinetics had revenues from research and development collaborations of $3.0 million, a decrease from the $6.8 million for the same nine month period in 2005.

Total R&D expenses for the nine months ended Sept. 30 were up at $36.2 million from $29.8 million for the first nine months of 2005.

"The third quarter of 2006 was exciting for Cytokinetics as we presented promising data from our cardiovascular program," chief executive officer James Sabry said in a news release.

"In addition, we initiated an oral bioavailability clinical trial of CK-1827452 in August that we expect will inform our plans to develop an oral formulation of this novel drug candidate for the chronic treatment of heart failure."

Cytokinetics is a South San Francisco, Calif., biopharmaceutical company.

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