Cytokinetics regains compliance with Nasdaq rules

Associated Press

SOUTH SAN FRANCISCO, Calif. (AP) -- Drug developer Cytokinetics Inc. said Friday that it has regained compliance with Nasdaq rules, as its shares have been trading above $1 for the last few weeks.

Shares of Cytokinetics closed under $1 every trading day from May 3 to Jan. 9. The Nasdaq Stock Market sent the company a warning letter in June saying its shares could be taken off the index because of their low price. Cytokinetics transferred its listing to the Nasdaq Capital Market in December. It had until June to regain compliance with the stock price rule.

The company said Nasdaq considers the matter closed.

Cytokinetics shares have climbed 50 percent since Jan. 3. The stock fell 2 cents to close at $1.05 Friday.

Cytokinetics' most advanced drug is omecamtiv mecarbil, which is being studied as a treatment for heart failure.