Kythera Biopharma completes IPO of 5.1M shares
NEW YORK -- Kythera Biopharmaceuticals Inc. said Tuesday that it has completed its initial public offering of 5.1 million shares.
The company went public on Thursday, selling 4.4 million shares for $16 each. Kythera said Tuesday that the underwriters of its IPO exercised their options to buy another 660,000 shares. In total the company raised $72.6 million in net proceeds.
Kythera is based in Calabasas, Calif., company, and it is developing an injectable treatment for double chins called ATX-101. It plans to use most of the proceeds from its IPO to fund late-stage studies of ATX-101.
Shares of Kythera rose $2.63, or 12.7 percent, to $23.38 in afternoon trading. Including Tuesday's gains, the shares have advanced 46 percent from the IPO price.
NEW YORK-- Kythera Biopharmaceuticals Inc. said Tuesday that it has completed its initial public offering of 5.1 million shares. Kythera is based in Calabasas, Calif., company, and it is developing an injectable treatment for double chins called ATX-101. Shares of Kythera rose $2.63, or 12.7 percent, to $23.38 in afternoon trading.