February 18, 2009
LOS ANGELES, FEB 18, 2009 – KYTHERA BIOPHARMACEUTICALS, Inc. (“KYTHERA”), a privately-held biotechnology company focused on developing and commercializing novel products in aesthetic dermatology, announced that its investors elected early to exercise their rights to invest an additional $10 million as part of a $40 million Series C financing. All existing investors participated, including Versant Ventures, ARCH Venture Partners, Prospect Venture Partners, BBT Capital Management/Apothecary Capital, JAFCO, PFM, and Altitude Life Science Ventures.
“This additional investment commitment, combined with our existing cash reserves, increases KYTHERA’s financial strength and enables us to advance the clinical development of KYTHERA’s two clinical stage compounds and pre-clinical pipeline. Additionally, this early exercise of the option is a clear acknowledgement of the promising data recently announced from the Phase 2 trials on our lead product candidate, ATX-101,” said Keith R. Leonard, KYTHERA’s President and CEO.
KYTHERA announced in January positive results from two phase 2 studies on ATX-101 demonstrating its efficacy, safety, and tolerability for the reduction of submental (‘under- the-chin’) fat. Both Phase 2 randomized, double-blinded, placebo-controlled, dose ranging studies showed ATX-101 to be safe and tolerable and demonstrated statistically significant efficacy versus placebo. The demonstrated aesthetic correction was clinically meaningful and was matched by improvements in patient reported outcomes.
“We are pleased to expand our ongoing financial and strategic support of KYTHERA,” said Camille Samuels, Managing Director, Versant Ventures. “We believe in the promise of the company’s pipeline and strong management team. The recent positive Phase 2 data further strengthens our conviction in KYTHERA’s potential.”
The company plans to commercialize its products in the U.S. and seek strategic partnerships in certain ex-U.S markets for its later stage clinical products.