Kythera Files for IPOThursday, May 17, 2012
Kythera Biopharmaceutical Inc., which is developing prescription treatments for the aesthetic market, on Thursday filed with the Securities and Exchange Commission to raise up to $86 million in an initial public offering.
The Calabasas biotech plans to list on the Nasdaq under the symbol KYTH. The number of shares to be offered and the price range for the offering have not been determined, it said.
Kythera’s lead drug candidate would be a first-in-class injectable treatment to reduce chin fat, and it is in late-stage clinical trials. Kythera has retained rights to develop and commercialize the drug in the United States and Canada, and licensed the rights in the rest of the world to Bayer AG.
The company said it plans to use IPO proceeds to finance clinical trials of the drug, conduct research and development and for general corporate purposes.
Kythera, which was founded in 2005, reported a net loss of $11.1 million on license income of $12.9 million last year. In September it raised $37.4 million in a Series D funding round, which brought the total raised to date to $108 million. Investors include Versant Venture, Arch Venture Partners and Jafco Co.
J.P. Morgan and Goldman Sachs will be the lead underwriters on the offering. The company earlier submitted a registration statement on a confidential basis under the Jumpstart Our Business Startups (JOBS) Act.