Healthcare Industry News: Bayer HealthCare
News Release - September 19, 2011
KYTHERA Biopharmaceuticals Announces $37.4M FinancingSeries D Financing To Provide Funding for US Phase III Trials
LOS ANGELES--(Healthcare Sales & Marketing Network)-- KYTHERA Biopharmaceuticals, Inc. (“KYTHERA”), a privately-held biotechnology company focused on the development and commercialization of products in aesthetic medicine, today announced the closing of a $37.4M Series D financing. The round featured significant new investments as well as participation from all existing institutional investors. Proceeds from this financing are slated to be used for conducting US Phase III trials for KYTHERA’s lead product, ATX-101, a first-in-class, injectable drug that is under investigation for the reduction of submental (‘under the chin’) fat.
“We are delighted to once again have attracted the support of top flight investors in pursuit of our vision of building a premiere science-based aesthetic medicine company,” said Keith Leonard, KYTHERA’s President and CEO. “We also appreciate the continued support and commitment from our existing investors.”
KYTHERA’s investors include Versant Ventures, ARCH Venture Partners, Prospect Venture Partners, JAFCO, Partner Funds management (PFM), INVUS Financial Advisors, BBT Capital Management/Apothecary Capital, and Altitude Life Science Ventures. Also joining the syndicate were Foley Ventures and Latham and Watkins. KYTHERA has now raised more than $108M in four rounds of private financing.
“These new investments are a further powerful validation of KYTHERA’s novel, biotechnology-based approach to aesthetic medicine,” said Leonard. “We believe this new round of financing in today’s volatile economy is a testament to the robust scientific foundation of our lead product candidate and the promise of its future potential.”
KYTHERA has completed extensive development work on ATX-101 for the reduction of submental fat, completing seven clinical trials with more than 350 subjects. European Phase III studies of ATX-101 were initiated in late 2010 (enrolled more than 700 subjects) in collaboration with Bayer HealthCare’s dermatology unit Intendis, which has licensed rights to ATX-101 outside of the U.S. and Canada.
About KYTHERA Biopharmaceuticals, Inc.
KYTHERA Biopharmaceuticals, Inc. is a privately held, clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel prescription products for the aesthetic market. KYTHERA has an innovative pipeline, with its lead program in adipolysis (ATX-101) projected to start US Phase III trials late in 2011 or early 2012. The company also has active research programs with focused interest in hair and fat biology, pigmentation modulation and facial contouring. Find more information at www.kytherabiopharma.com.
ATX-101 is a first-in-class, synthetic injectable drug being studied for the reduction of small volumes of fat, including submental fat. It is based on an endogenous molecule with unique features including selectivity for adipocytes and rapid clearance. This minimally invasive procedure, done with little or no anesthetic, has the promise to yield consistent and meaningful clinical results. Clinical studies to date have demonstrated that ATX-101 is well-tolerated and may effectively reduce localized fat in the submental area. Three randomized, double-blind, placebo-controlled, Phase II studies with ATX-101 in the reduction of submental fat and four Phase I studies (pharmacokinetic, histology, lipid and tolerability) have been successfully completed. Also, two Phase III randomized, double-blind, placebo-controlled studies are on-going in Europe in collaboration with Bayer HealthCare’s dermatology unit, Intendis.
Source: KYTHERA Biopharmaceuticals
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