Key Takeaways
- Cytokinetics Inc. reported positive results Wednesday from a key Phase 3 study of its experimental drug to treat heart disease.
- The medicine is seen as a potential challenger to Bristol Myers Squibb’s Camzyos.
- Shares of Cytokinetics soared Wednesday to their highest level since 2004.
Shares of Cytokinetics (CYTK) blasted off Wednesday after the firm announced positive results in a study of its experimental heart treatment.
The drug, Aficamten, treats symptomatic obstructive hypertrophic cardiomyopathy (HCM), a condition in which heart muscles thicken, become stiff, and can cause cardiac arrest. Cytokinetics said in a key Phase 3 study, Aficamten “significantly improved exercise capacity compared to placebo,” by boosting peak oxygen uptake.
Fady Malik, executive vice president of research and development at Cytokinetics, said in a statement that the results are consistent with those from an early study, and could make Aficamten the drug of choice among physicians and patients requiring medications like it.
The company is looking to receive marketing approval from regulators in the U.S. and Europe in the second half of next year.
Aficamten is seen as a potential challenger to Bristol Myers Squibb Co.’s (BMY) Camzyos, which also treats HCM and was approved by the Food and Drug Administration (FDA) last year.
Bristol Myers Squibb has made headlines of its own over the past couple of days, spending $18.1 billion to purchase Karuna Therapeutics Inc. (KRTX) and RayzeBio Inc. (RYZB) to boost its neuroscience and oncological portfolios.
Cytokinetics shares skyrocketed to a 19-year high, advancing more than 80% in late Wednesday trading to about $82.50.
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