Cytokinetics raises $60 million

Cytokinetics Inc. (NASDAQ:CYTK) raised $60 million through concurrent offerings of 55.9 million common shares at $0.76 and 23,026 shares of Series B convertible preferred stock at $760. The preferred shares convert into 1,000 common shares. Investors receiving common stock also received five-year warrants to purchase 0.6 shares, with each whole warrant exercisable at $0.88, while investors receiving Series B stock received five-year warrants to purchase 600 shares of common stock at $0.88. The offerings were underwritten by Cowen; JMP Securities; Canaccord; and Needham. Cytokinetics proposed the offering late Tuesday when its stock price was $0.80. The stock was off $0.08 (10%) to $0.72 on Wednesday. ...