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.