KYTHERA Biopharmaceuticals, a biotech developing an injection to reduce fat around the chin, filed on Thursday with the SEC to raise up to $86 million in an initial public offering. The company's sole product candidate, ATX-101, recently completed two Phase III trials, demonstrating positive topline results against a placebo. Bayer, which conducted the tests and is serving as KYTHERA's international collaborator, will seek regulatory approval in Europe. KYTHERA began Phase III trials in the US in March and expects results in 2013.
Revenue, consisting of license fees from Bayer, was $1.9 million in the first quarter and has totaled $23 million since the agreement began in 2010. A $16 million payment, coinciding with the completion of Phase III trials, is expected in the second quarter. The net loss for the first quarter was -$7 million.
KYTHERA is the second company, after LegalZoom, to submit an S-1 after filing confidentially under the JOBS Act. The Calabasas, CA-based company, which was founded in 2005, plans to list on the NASDAQ under the symbol KYTH. J.P. Morgan and Goldman Sachs are the joint bookrunners on the deal.
