Investors back $70M IPO for Kythera

Kythera Biopharmaceuticals raised $70.4 million after pricing 4.4 million shares at the high end of its IPO price range, a rare success for maiden biotech offerings. Shares will begin trading today as KYTH. The biotech's lead therapy, now in late-stage development, is aimed at eliminating chin fat. That may not be a big unmet medical need in the pharma world, but investors saw a big upside on demand if the drug can win approval. Bayer, partnered in Europe, plans to submit a marketing application next year. Story

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