With chance to take on Bris­tol My­er­s' $13B heart drug, Cy­to­ki­net­ics preps for piv­otal stud­ies with $450M debt raise

As Cy­to­ki­net­ics trad­ed near its one-year high ear­li­er this week, ex­ecs de­cid­ed to take on a load of debt. But in­vestors aren’t lik­ing what they’ve seen.

The San Fran­cis­co biotech an­nounced af­ter mar­ket close Wednes­day that it would raise $450 mil­lion in debt in the form of a con­vert­ible se­nior notes of­fer­ing, send­ing the com­pa­ny’s stock $CYTK down near­ly 20% on Thurs­day. The move was os­ten­si­bly made to sa­ti­ate in­vestor con­cerns, but the mar­ket did not re­act ac­cord­ing­ly.

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