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Kythera shares climb in Nasdaq trading debut
Thursday - 10/11/2012, 11:28am EDT
(AP) - 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."
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)