Cytokinetics says to bear cancer drug development costs

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cytocineticsNov 27 (Reuters) - Cytokinetics Inc. (CYTK.O: Quote, Profile, Research) said it will be responsible for the costs and activities of further development of two cancer drug candidates following an amendment of a collaboration agreement with GlaxoSmithKline plc (GSK.N: Quote, Profile, Research).

The company also lowered its 2006 revenue outlook to $3 million to $4 million, with research and development expense of $52 million to $56 million. Analysts on average were expecting the company to report revenue of $3.8 million, according to Reuters Estimates. (Reporting by Hari Kumar in Bangalore)

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