- Completion of enrollment in two pivotal U.S. and Canadian Phase III clinical trials of ATX-101, a potential first-in-class injectable facial aesthetic drug under clinical investigation for the reduction of submental fat.
- Closing of its initial public offering of 5,060,000 shares of its common stock at an initial public offering price of $16.00 per share, which includes the exercise in full by the underwriters of their option to purchase up to 660,000 additional shares of common stock. The Company received net proceeds of approximately $72.6 million after deducting underwriting discounts, commissions and estimated offering costs.
In August 2010, Bayer signed a licensing and collaboration development agreement with KYTHERA, thereby obtaining development and commercialization rights to ATX-101 outside of the U.S. and Canada.About KYTHERA Biopharmaceuticals, Inc. KYTHERA Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel prescription products for the aesthetic medicine market. KYTHERA’s product candidate, ATX-101, is a potential first-in-class, injectable treatment currently in Phase III clinical development for the reduction of submental fat, which commonly presents as an undesirable “double chin.” KYTHERA also maintains an active research interest in hair and fat biology, pigmentation modulation and facial contouring. Find more information at http://www.kytherabiopharma.com. Forward-Looking Statements To the extent that statements contained in this press release are not descriptions of historical facts regarding KYTHERA, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including our expectations regarding the timing of reporting data from our Phase III clinical trials of ATX-101 and the potential to commercialize ATX-101 and our vision to become a leading aesthetics company. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug development process, including the regulatory approval process, and the development progress of our collaborative partners, our substantial dependence on ATX-101 and other matters that could affect the availability or commercial potential of our drug candidate. KYTHERA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see KYTHERA’s reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2012.
|KYTHERA BIOPHARMACEUTICALS, INC. CONDENSED CONSOLIDATED FINANCIAL RESULTS (in thousands, except per share amounts)|
|Three Months Ended September 30,||Nine Months Ended September 30,|
|Research and development||13,923||3,240||28,808||9,593|
|General and administrative||2,439||1,732||7,102||4,934|
|Total operating expenses||16,362||4,972||35,910||14,527|
|Loss from operations||(16,362||)||(1,914||)||(18,159||)||(5,352||)|
|Warrant and other interest income (expense), net||(24||)||(405||)||(604||)||(172||)|
|Net loss per share, basic and diluted||$||(11.41||)||$||(1.66||)||$||(13.21||)||$||(3.95||)|
|Basic and diluted weighted average shares outstanding||1,436||1,399||1,420||1,397|
|CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands)|
|September 30,2012||December 30,2011|
|Cash and cash equivalents||$||15,080||$||34,577|
|Redeemable convertible preferred stock||107,745||107,587|
|Total stockholders' (deficit) equity||$||(98,447||)||$||(81,024||)|