Rodman & Renshaw presents a report in conjuction with Pharm3r about a data-mining project to crowd source opinions and in interest in new drugs on Twitter.

1. Life Sciences
®
CONFERENCE UPDATE Michael King, Jr.
212-430-1794
mking@rodm.com
May 11, 2012
Crowdsourcing AAN: Recap of R&R and Pharm3r Twitter Survey
We are pleased to present the first report we are producing in conjunction with our colleagues at Pharm3r (“Farmer”).
Pharm3r is a unique data-mining company that tags plain text in order to mine such disparate sources as chat boards, blogs, and
Twitter feeds. Our first foray into this novel approach to crowd-sourcing opinions and views on various topics begins with the recent
2012 American Academy of Neurology (AAN), which took place April 21-28 in New Orleans. While AAN deals with dozens of topics,
Pharm3r gathered views on the 24 most common discussions. Relevant tweets were scanned for a predetermined list of topics
between April 20th and 30th. Each topic is also accompanied by a sentiment score. The frequency of discussion does not necessarily
correlate with a positive sentiment. As can be seen in Figure 1, each category is also accompanied by a sentiment score (red, yellow,
green). Sentiment scores are deduced based on text in each tweet (representative tweets are shown in Table 1). A tweet with a
“neutral sentiment” might simply announce a presentation or relay specific results without intonating a positive or negative slant. Twitter
volume is plotted against sentiment score in Figure 2.
We view the combination of Twitter volume (number of tweets) and sentiment of those tweets as highly relevant data points
in assessing interest in a drug within a period of time. The ability to view that interest compared to other relevant drugs at a time of
high interest and tweeting provide an opportunity for potential insight into clinician, patient, and investor interest. .
Starting with multiple sclerosis (MS), the updated safety regulation in the US and EU spurred a significant volume of relatively
negatively tweets for Gilenya (fingolimod), while Lemtrada (alemtuzumab) and BG-12 tweets generated relatively high
sentiment. Given the nature of the new recommendations for Gilenya, it is not surprising that the drug had such a relatively low
sentiment score (best seen in Figure 2.) The relative share of voice for the majority of the MS disease-modifying agents was similar,
though laquinimod and betaseron were both outliers to the downside. In our view, the overwhelmingly positive sentiment (see Figure 3)
of the Lemtradatweets was the most surprising observation in the MS space, given that we had felt the BG-12 and Gilenya stories had
dominated the headlines. This may imply that interest in Lemtradais being overly discounted by the Street.
Turning to therapies for Amyotrophic Lateral Sclerosis (ALS), CK2017357 (‘357) from Cytokinetics (CYTK, Market Outperform)
bested Biogen’s dexpramipexole in both volume and sentiment. We focused our analysis of the ALS landscape on these two
agents. Despite the fast accrual of the dexpramipexole Phase III trial and what we believed to be significant interest in this molecule,
‘357 from CYTK generated significantly more tweets (25x more) with a marginally better sentiment score, both on the day of its
presentation of Phase II results, as well as on April 29th, a few days after the presentation of results. We view CYTK’s performance
against both of these metrics as an incremental positive, despite the significant sell-off in the stock in the week following the AAN
conference.
For a copy of the complete report from Pharm3r please contact your Rodman & Renshaw sales representative. The complete
report is a forty-page powerpoint presentation comprising analysis of the twitter volume and sentiment within the MS, ALS, and
Parkinson’s therapeutic areas, as specified by a pre-determined database of drugs in development. We will host a conference call for
the clients of Rodman & Renshaw on Friday, May 11, at 10am. The dial-in number is 888-224-1075, conference ID 1135064.
For definitions and the distribution of analyst ratings, and other disclosures, please refer to pages 7 - 8 of this report.

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Table 1. Example of Tweets by Sentiment
Positive Tweets
Positive phase IIb data for BAF312 (siponimod) in MS http://t.co/9CufkI0F #multiplesclerosis #MS
#neurology #msnews #health #multscler
Biogen Idec builds blockbuster case for new MS drug BG-12 http://t.co/z16TAKui
New fingolimod data to be released at AAN: Results that support the efficacy and safety profile of Gilenya
anti... http://t.co/2szDeNgc
Medical News: Parkinson's Disease Neuropsychiatric Features And Fatigue Respond To Transdermal
Rotigotine http://t.co/cXUcgbey
Daclizumab for relapsing remitting multiple sclerosis.: CONCLUSIONS: Daclizumab is well tolerated in
combination... http://t.co/XqfhzPlD
Neutral Tweets
Neurology Publishes Results From Pivotal Study of Eisais Investigational Epilepsy Treatment perampanel
All about #Gilenya. Tagged on http://t.co/F3xqBZo2
Negative Tweets
Possibly had allergic reaction to Tysabri today: began with uncontrollable sneezing/red eye, & then I got
hives. Then got IV Benadryl...cntd
Patients Drop Natalizumab MS Drug, Face Relapse Risk - #AANAM from MedPage Today
http://t.co/TKAauF3f
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3. Life Sciences May 11, 2012
Figure 1. AAN Summary of Tweets
Source: Pharm3r
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4. Life Sciences May 11, 2012
Figure 2. Scatter plot of tweets from AAN-2012
Source: Pharm3r
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5. Life Sciences May 11, 2012
Figure 3. Sentiment across MS agents
Source: Pharm3r
Figure 4. Amyotrophic Lateral Sclerosis (ALS)-agent related tweets over time
Source: Pharm3r
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Figure 5. Sentiment for agents targeting Amyotrophic Lateral Sclerosis (ALS)
Source: Pharm3r
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7. Life Sciences May 11, 2012
RODMAN & RENSHAW RATING SYSTEM: Rodman & Renshaw employs a three tier rating system for evaluating both the potential
return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a
RELATIVE basis of other companies in the same sector, as defined by First Call. The price objective is calculated to estimate the
potential movement in price a given equity could achieve given certain targets are met over a defined time horizon. Price objectives are
subject to exogenous factors including industry events and market volatility. The risk assessment evaluates the company specific risk
and accounts for the following factors, maturity of market, maturity of technology, maturity of firm, cash utilization, and valuation
considerations. Potential factors contributing to risk: relatively undefined market, new technologies, immature firm, high cash burn
rates, intrinsic value weighted toward future earnings or events.
RETURN ASSESSMENT
q
Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the
common stock of companies within the same sector, as defined by First Call.
q
Market Perform (Hold): The common stock of the company is expected to mimic the performance of a passive index
comprised of all the common stock of companies within the same sector, as defined by First Call.
q
Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all
the common stock of companies within the same sector, as defined by First Call.
RISK ASSESSMENT
q
Speculative - The common stock risk level is significantly greater than market risk. The stock price of these equities is
exceptionally volatile.
q
Aggressive - The common stock risk level is materially higher than market level risk. The stock price is typically more volatile
than the general market.
q
Moderate - The common stock is moderately risky, or equivalent to stock market risk. The stock price volatility is typically
in-line with movements in the general market.
Rated Companies mentioned in this report
Company Ticker R&R Rating Price Mkt Cap 12 Month
($ MM) Price Target
Cytokinetics Inc. CYTK Market Outperform $0.86 $66.66 $4.00
RATING SUMMARY
Distribution of Ratings Table
IB Serv./Past 12 Mos
Rating Count Percent Count Percent
Market Outperform(MO) 74 64.35% 10 13.51%
Market Perform(MP) 28 24.35% 3 10.71%
Market Underperform(MU) 6 5.22% 0 0.00%
Under Review(UR) 7 6.09% 2 28.57%
Total 115 100% 15 100%
Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of
securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its
affiliates or subsidiaries within the past 12 months.
ADDITIONAL DISCLOSURES
Rodman & Renshaw, LLC. (the "Firm") is a member of FINRA and SIPC and a registered U.S. Broker-Dealer.
ANALYST CERTIFICATION
I, Michael G. King, Jr., hereby certify that the views expressed in this research report accurately reflect my personal views about the
subject company(ies) and its (their) securities.
None of the research analysts or the research analyst's household has a financial interest in the securities of Cytokinetics Inc.
(including, without limitation, any option, right, warrant, future, long or short position).
As of Mar 31 2012 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of
Cytokinetics Inc..
Neither the research analyst nor the Firm has any material conflict of interest with Cytokinetics Inc., of which the research analyst
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8. Life Sciences May 11, 2012
knows or has reason to know at the time of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any
specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the
Firm, a substantial portion of which is derived from investment banking services.
The Firm or its affiliates did not receive compensation from Cytokinetics Inc. for any investment banking services within twelve months
before, but intends to seek compensation from the companies mentioned in this report for investment banking services within three
months, following publication of the research report.
Neither the research analyst nor any member of the research analyst's household nor the Firm serves as an officer, director or advisory
board member of Cytokinetics Inc..
The Firm does make a market in Cytokinetics Inc. securities as of the date of this research report.
Any opinions expressed herein are statements of our judgment as of the date of publication and are subject to change without notice.
Reproduction without written permission is prohibited. The closing prices of securities mentioned in this report are as of May 16 2012.
Additional information is available to clients upon written request. For complete research report on mentioned companies we cover,
please call (212) 356-0500.
Readers are advised that this analysis report is issued solely for informational purposes and is not to be construed as an offer to sell or
the solicitation of an offer to buy. The information contained herein is based on sources which we believe to be reliable but is not
guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Past
performance is no guarantee of future results.
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