3 February 2012 - US biopharmaceutical company Cytokinetics Inc (NASDAQ:CYTK) said on Thursday it incurred a net loss of USD11.9m (EUR9m), or USD0.16 per basic and diluted share, in the fourth quarter of 2011, compared to a net loss of USD11.6m, or USD0.17 a share, in the same period of 2010.

Revenues fell to USD800,000 in the three months to December 2011 from USD1.1m a year earlier.

Total research and development expenses dropped to USD8.6m from USD9.2m due to lower staff and laboratory costs, partly offset by higher clinical outsourced expenses.

The net loss attributable to common shareholders totalled USD50.7m, or USD0.72 per basic and diluted share, for the whole 2011, against a net loss of USD49.3m, or USD0.77 per basic and diluted share, for 2010. Full-year 2011 revenues rose to USD4m from USD2.6m for 2010. Total R&D expenses stood at USD37.2m in 2011  compared to USD38m for 2010.

The company closed 2011 with USD49m of cash, cash equivalents and investments, excluding restricted cash.

For 2012, Cytokinetics expects revenues of USD4m-5m, cash R&D expenses of USD30m-33m and cash general and administrative expenses in the range of USD11m to USD12m.

Cytokinetics' lead drug candidate from its cardiac muscle contractility programme, omecamtiv mecarbil, is in clinical development as a potential therapy of heart failure. Amgen Inc holds an exclusive global licence (excluding Japan) to develop and commercialise omecamtiv mecarbil and related compounds. Cytokinetics is independently developing CK-2017357, a skeletal muscle activator, as a potential treatment of conditions related to aging, muscle wasting or neuromuscular dysfunction.

(USD1 = EUR0.760)