Cytokinetics Rocked By Another Omecamtiv Setback
But Hope Remains For Subpopulation
The biotech’s cardiology asset has failed an advanced study focused on exercise capacity in heart failure, having underwhelmed observers with past data, but hope remains that the LVEF subset could be a saving grace.
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Single Trial, Missing Companion Diagnostic May Be Insurmountable Hurdles for Cytokinetics Heart Failure Drug
Cytokinetics willingness to tweak the indication for omecamtiv mecarbil doesn’t look likely to help the drug get past a handful of safety and efficacy concerns at its 13 December advisory panel.
Even with higher interest rates, some debt on the balance sheets of profitable biotechs is healthy. However, among loss-making biotechs and in the current environment, raising new debt has unhealthy connotations.
ARCH closed a $3bn VC fund to end the month of June while in the same week six public biopharma firms said they are cutting jobs. Even so, some publicly traded companies have been able to launch sizeable offerings, including a $450m note sale by Cytokinetics and Xenon’s $250m follow-on.