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Cytokinetics finds accounting error, to reissue quarterly statements

Cytokinetics Inc. said it identified an error in its financial statements for the three months and nine months ended Sept. 30.

The company erroneously overstated its research and development costs by approximately $1.5 million and recorded an additional $1.5 million in total liabilities in its balance sheet.

Cytokinetics said it will file an amended financial statement as soon as practicable.