Kythera shares climb in Nasdaq trading debut

The Associated Press

Kythera Biopharmaceuticals shares are trading above their offering price in their first day listed on the Nasdaq Stock Market.

The stock jumped 81 cents, or 4.4 percent, to $19.30 in late morning trading, and earlier traded as high as $20.59.

The Calabasas, Calif., company, which is developing an injectable treatment for double chins, raised about $70.4 million in an initial public offering of 4.4 million shares. The company priced its IPO at $16 per share, the top end of its estimated range.

Kythera expects net proceeds of about $62.8 million, or $72.6 million if underwriters exercise an option to buy additional shares.

The company will use nearly all proceeds to pay for late-stage clinical studies of its double-chin treatment, labeled ATX-101.

The stock is trading under the ticker symbol "KYTH."