WESTLAKE VILLAGE, Calif., March 10, 2015 (GLOBE NEWSWIRE) -- KYTHERA Biopharmaceuticals, Inc. (Nasdaq:KYTH) today announced the pricing of its underwritten public offering of 2,604,168 shares of its common stock at a price to the public of $48.00 per share, before underwriting discounts and commissions and expenses of the offering, for gross proceeds of approximately $125 million. All of the shares of the common stock sold in the offering were offered by KYTHERA. In addition, KYTHERA granted the underwriters a 30-day option to purchase up to an additional 390,625 shares.
KYTHERA intends to use the substantial majority of the net proceeds of the offering to fund the ongoing development and preparation for potential commercialization of ATX-101, and the balance for working capital and general corporate purposes, including research and development, which may include repayments of outstanding amounts under KYTHERA’s credit facility.
The offering is expected to close on March 16, 2015, subject to satisfaction of customary closing conditions.
Goldman, Sachs & Co., BofA Merrill Lynch, and Leerink Partners acted as the joint book-running managers for the offering. Cowen and Company acted as co-manager.
The offering was made only by means of a prospectus and pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on November 6, 2014. Copies of the prospectus and related prospectus supplement relating to the offering may be obtained, when available, by contacting Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526 or e-mail at prospectus-ny@gs.com; or BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY10038, or by email at dg.prospectus_requests@baml.com; or Leerink Partners, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by phone at (800) 808-7525, ext. 6142, or by email at syndicate@leerink.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About KYTHERA
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 lead product candidate, ATX-101, is currently in late-stage clinical development as an injectable treatment for the improvement of submental fullness, which commonly presents as a double chin, and is a potential first-in-class submental contouring injectable drug. The FDA has determined the NDA will have a Prescription Drug User Fee Act (PDUFA) action date of May 13, 2015. In addition to its lead product candidate ATX-101, KYTHERA also licensed the worldwide rights to setipiprant, an early-stage potential treatment for hair loss. KYTHERA also maintains an active research interest in fat biology, pigmentation modulation and facial contouring.
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. Such forward-looking statements involve substantial risks and uncertainties that could cause our actual 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 timing and size of the offering, the conditions affecting the capital markets, general economic, industry, or political conditions, and the satisfaction of customary closing conditions related to the proposed public offering. 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 the prospectus supplement and accompanying prospectus for this offering included on Form 424(b)(5) as part of the Registration Statement on Form S-3/A filed by KYTHERA on November 6, 2014, as well as KYTHERA ‘s Annual Report on Form 10-K for the year ended December 31, 2014 and its other reports filed with the Securities and Exchange Commission.
CONTACT: Investor Contact: Heather Rowe Director, Investor Relations Tel: (818) 587- 4559 hrowe@kytherabiopharma.com
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