Cytokinetics Reports Results for the Third Quarter and Nine Months Ended Sept. 30, 2004 ; Announces Executive Changes

October 21, 2004 - Cytokinetics Inc. reported results for the third quarter and nine months ended Sept. 30, 2004. Revenue from research and development collaborations for the third quarter of 2004 were $2.4 million, compared to revenue in the third quarter of 2003 of $2.6 million. The net loss for the three months ended September 30, 2004, was $10.2 million, or $0.36 per share. This compares to a net loss for the same period in 2003 of $8.7 million, or $4.51 per share, which does not take into account the conversion of preferred stock into shares of common stock on a weighted average basis, pre IPO. Cytokinetics also reported results of its operations for the nine months ended September 30, 2004. Revenue from research and development collaborations for the nine month period were $11.2 million, compared to revenue of $7.9 million for the same period in 2003. The net loss for the nine months ended September 30, 2004 was $25.4 million, or $1.50 per share. This compares to a net loss for the same period in 2003 of $23.5 million, or $12.48 per share, which does not take into account the conversion of preferred stock into shares of common stock on a weighted average basis, pre IPO. The Company hired Sharon Surrey-Barbari, as Senior Vice President of Finance and Chief Financial Officer and Dr. Andrew Wolff, as Senior Vice President of Clinical Research and Development & Chief Medical Officer. In addition, Robert Blum assumed the responsibilities of Chief Business Officer in addition to his responsibilities as Executive Vice President of Corporate Development and Commercial Operations.