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Financial News Network
April 18, 2011 AT 2:16 PM
Cytokinetics (CYTK) says it agreed to sell 5.3 million shares of its Common Stock at $1.50 each, and 8,070 shares of its Series A Convertible Preferred Stock at a price of $1,500 per share, to entities affiliated with Deerfield Management Company. The Series A Convertible Preferred Stock is non-voting and convertible into an aggregate of 8.07 million shares of CYTK Common Stock provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of CYTK shares of common stock then outstanding. It also agreed to issue warrants to these entities to purchase an aggregate of 6.685 million shares of the company's Common Stock at an exercise price of $1.65 each. The warrants will be exercisable beginning on the date that is six months after closing of the offering and will remain exercisable until four years after their issuance.