Cytokinetics Adds $20M

Xconomy San Francisco — 

Cytokinetics (NASDAQ: CYTK), the South San Francisco-based drug developer, said today it has raised about $20 million by offering a combination of common and preferred stock. Deerfield Management bought the preferred stock, which is non-voting, and convertible into common stock holdings that are capped at 9.98 percent ownership of the company, Cytokinetics said. Cytokinetics has previously stated it entered 2011 with about $72.8 million of cash in the bank, and a plan to spend $40 to $45 million on R&D this year. The company also announced it has presented some mid-stage clinical trial results of a new drug for amyotrophic lateral sclerosis (ALS).