Cytokinetics Receives Exercise Fee of $50 Million
Cytokinetics to Host a Conference Call Tuesday, May 26, 2009 at 9 AM ET
SOUTH SAN FRANCISCO, Calif. and THOUSAND OAKS, Calif., May 26 /PRNewswire-FirstCall/ -- Cytokinetics Incorporated (Nasdaq: CYTK) and Amgen Inc. (Nasdaq: AMGN) today announced that Amgen has exercised its option to obtain an exclusive license, worldwide (excluding Japan), to Cytokinetics' cardiac contractility program. The license includes CK-1827452, a novel cardiac myosin activator being developed for the treatment of heart failure.
Under the terms of the companies' 2006 collaboration and option agreement, Amgen has agreed to pay Cytokinetics a non-refundable exercise fee of $50 million and has assumed responsibility for development and commercialization of CK-1827452 and related compounds, at its expense, subject to specified development and commercial participation rights of Cytokinetics.
"After reviewing the data from the CK-1827452 clinical trials, we are excited about the opportunity to advance this molecule," said Amgen Executive Vice President for Research and Development, Roger M. Perlmutter, M.D., Ph. D. "At Amgen, we are focused on developing medicines for patients suffering from grievous illnesses, including heart failure. CK-1827452, with its novel mechanism of action, has potential utility in the treatment of heart failure patients around the world. We intend to move this molecule forward rapidly into larger and more definitive clinical trials."
"Recently completed clinical trials of CK-1827452 suggest that this drug candidate may represent a major step forward in the treatment of heart failure," stated Cytokinetics' President and Chief Executive
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