Agreement with Kingsbridge Capital now slated to expire in March 2011
By Devika Patel
Knoxville, Tenn., Oct. 26 - Cytokinetics, Inc. extended the expiration date of a committed equity financing facility with Kingsbridge Capital Ltd. on Oct. 25, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The $75 million three-year agreement was negotiated in October 2007.
Under the facility, which will now expire on March 31, 2011, Cytokinetics may access funds in tranches of up to the lesser of $15 million or 2.5% of the company's market capitalization at the time of the drawdown.
The shares will be sold over eight trading days. The price per share on each day will be between 90% and 94% of the volume-weighted average price of the company's shares on that day.
The minimum share price will be the greater of $2.00 or 85% of the closing price of the company's common stock on the last trading day before the pricing period.
Cytokinetics is not required to draw down any of the funds, and the agreement does not prohibit the company from seeking additional financing.
Cytokinetics is a biopharmaceutical company based in South San Francisco, Calif.
| Issuer: | Cytokinetics, Inc.
|
| Issue: | Committed equity financing facility
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| Amount: | $75 million
|
| Tenor: | March 31, 2011
|
| Price: | 90% to 94% of VWAP on each of 8 days during drawdown, minimum of greater of $2.00 or 85% of the closing price of the company's common stock on the last trading day before the pricing period
|
| Warrants: | No
|
| Investor: | Kingsbridge Capital Ltd.
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| Settlement date: | Oct. 15, 2007
|
| Amended: | Oct. 25
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| Stock symbol: | Nasdaq: CYTK
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| Stock price: | $6.00 at close Oct. 15
|
| Market capitalization: | $172.27 million
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