South San Francisco-based Cytokinetics has forged a new deal with Kingsbridge Capital Limited that will provide up to $75 million in fresh financing over the next three years. In the deal, Kingsbridge commits to buying newly issued shares of Cytokinetics stock. Cytokinetics has a couple of high profile deals working with Amgen and GlaxoSmithKline and has an intriguing small molecule candidate in Phase II for heart failure.
"This is a secondary source of capital," says Cytokinetics CEO Robert Blum in an interview. And it's the second deal the company has made with Kingsbridge, which specializes in this kind of arrangement. "We gain access to capital in a metered way as we need it to keep our balance sheet shored up. This type of tool was not available a couple of years ago." And its much better than alternative types of financing, he adds, which include "more toxic provisions."
- see the company release on the funding
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