New York (April 15th, 2013) - Cytokinetics, Incorporated (NASDAQ: CYTK) and Families of Spinal Muscular Atrophy (FSMA) announced the award of a grant from FSMA to Cytokinetics to support preclinical research on muscle function in a mouse model of spinal muscular atrophy (SMA) to be conducted with the company`s fast skeletal muscle troponin activator, tirasemtiv. Financial details of the grant were not disclosed.
Tirasemtiv, the lead drug candidate from Cytokinetics` skeletal muscle contractility program, selectively activates the fast skeletal muscle troponin complex by increasing its sensitivity to calcium, thereby increasing skeletal muscle force in response to neuronal input and delaying the onset and reducing the degree of muscle fatigue.
Cytokinetics is evaluating tirasemtiv as a potential treatment for amyotrophic lateral sclerosis (ALS) in BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS), an international Phase IIb clinical trial that is now enrolling patients.
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Array Biopharma Inc. (NASDAQ:ARRY) traded at $ 5.48 in the last session, which is +0.17 (3.20%). The stock has a Range of 5.25 - 5.54. The stock has a 52 week low and high of 3.00 - 6.17 respectively. The stock has a Market Cap of 639.30M. The stock traded a volume of 1.40M. The stock has a 30 day average volume of 969,246.00.
Analysts at Piper Jaffray upgraded shares of Array Biopharma Incorporated from a neutral rating to an overweight rating in a research note to investors on Monday, March 25th. They now have a $7.00 price target on the stock, up previously from $4.00.
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