Shares of Cytokinetics slipped Monday after the South San Francisco-based biotech company announced that it is taking over development responsibility for two cancer therapies under an amended pact with GlaxoSmithKline. Cytokinetics took over development responsibility of SB-743921 last summer and under the revised pact will also assume responsibility for ispinesib, or SB-715992. GSK retains the option to develop the drugs at a later stage. Cytokinetics plans to focus its 2007 clinical trials for ispinesib on breast cancer.
"We are pleased to have the opportunity to sponsor additional activities focused to advancing ispinesib as a potential next-generation approach for the treatment of breast cancer alongside our ongoing clinical trial now underway with SB-743921," stated James H. Sabry, M.D., Ph.D., Cytokinetics' CEO. "We believe that the clinical trials data generated by GSK, alongside data arising from NCI sponsored trials, should serve as a foundation for a focused and cost effective development program going forward."
- check out the company's press release
- here's the AP report on the deal