Kythera Biopharmaceuticals announced Monday that its ATX-101 has scored high in meeting its clinical goals as a drug intended to get rid of double chins, Yahoo! reported Tuesday.
According to Kythera Biopharmaceuticals its ATX-101 has met its goals in two late-stage clinical studies. The drug is intended to eliminate fat trapped under the chin area that becomes undeniably prominent over time. Because of the announcement its shares surged the following day, the company said.
In its announcement earlier, Kythera mentioned that its ATX-101 injection has met its main and secondary goals in the clinical study trials, noting that it undeniably worked compared to placebo, in reducing fat in the submental area of the neck dubbed as double chin.
The company said that the drug is intended to destroy and eliminate fat cells while leaving surrounding tissue largely unaffected, adding that their patients were happier after treatment using ATX-101 than placebo.
Yahoo! reported that patients, who got involved in the study, received six injections about four weeks apart. And although there were side effects such as pain, swelling, numbness, redness, and bruising, they were considered as generally mild or moderate, and in no way harmful to people undergoing the treatment.
In October, Kythera Biopharmaceuticals Inc. went public raising $72.6 million in net proceeds. The IPE reportedly helped fund late-stage testing for the promising drug's efficiency in serving its purpose of getting rid of double chins.
Meanwhile, the Calabasas, California-based company does not have any other drugs and products that are in clinical testing as of late.
German drugmaker Bayer AG holds the rights to ATX-101 outside the U.S. and Canada, and it is now planning to ask European Union regulators to approve the drug in 2014.
Cowen and Co. analyst Ken Cacciatore is thinking that the company will soon file for U.S. approval of the drug in the second quarter of 2014, and he added that U.S. sales are expected to surpass $500 million a year.
According to latest market statistics, Kythera Biopharmaceuticals Inc. shares rose $8.42, or 25 percent, to $41.95 just hours after its announcement on Monday.
© 2017 Jobs & Hire All rights reserved. Do not reproduce without permission.
