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KYTHERA Biopharmaceuticals Announces 2012 Operating Results

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By Business Wirevia The Motley Fool

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KYTHERA Biopharmaceuticals Announces 2012 Operating Results

LOS ANGELES–(BUSINESS WIRE)– KYTHERA Biopharmaceuticals, Inc. (NAS: KYTH) today reported financial results for its quarter and year ended December 31, 2012.

“2012 was a transformational year for KYTHERA, during which we strengthened our capital position through the successful completion of our initial public offering with gross proceeds of $81 million,” said Keith Leonard, KYTHERA‘s President and CEO. “We also made important advances in our clinical development program for ATX-101, an investigational injectable drug for the reduction of unwanted submental fat, commonly known as double chin. In April, we announced positive European Phase III clinical trial results in conjunction with Bayer, our collaborator outside of the U.S. and Canada. Additionally, in August, we completed enrollment in our pivotal U.S. and Canadian Phase III clinical trials and expect to report topline results in mid-2013. If approved, ATX-101 will be the first drug approved for the reduction of submental fat. Over the coming year we will continue to advance our development program for this potential first-in-class injectable drug.”

2012 Summary Financial Results

Cash and cash equivalents totaled $79.3 million at December 31, 2012. This compares to $34.6 million at December 31, 2011. Based on current operating plans, the Company believes its existing cash and cash equivalents will allow it to fund its operating plan through at least the next 12 months.

Research and development expenses totaled $14.4 million for the fourth quarter 2012 and $43.2 million for the full year 2012, compared to $6.2 million for the fourth quarter 2011 and $15.8 million for the full year 2011. The increase in research and development expenses in 2012 compared to the similar periods in 2011 is primarily attributable to the initiation of pivotal Phase III trials in the U.S. and Canada.

General and administrative expenses totaled $3.4 million for the fourth quarter of 2012 and $10.5 million for the year ended December 31, 2012, compared to $1.9 million for the fourth quarter of 2011 and $6.9 million for the year ended December 31, 2011. The increase in general and administrative expenses in 2012 compared to the similar periods in 2011 is primarily attributable to increased personnel costs, increased marketing in preparation for a potential commercial launch of ATX-101 and services associated with the support …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Medical Aesthetics Veteran Frederick Beddingfield, III, MD, PhD Appointed New Chief Medical Officer

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By Business Wirevia The Motley Fool

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Medical Aesthetics Veteran Frederick Beddingfield, III, MD, PhD Appointed New Chief Medical Officer of KYTHERA Biopharmaceuticals

LOS ANGELES–(BUSINESS WIRE)– KYTHERA Biopharmaceuticals, Inc. (NAS: KYTH) , a biotechnology company focused on the development and commercialization of prescription products in aesthetic medicine, today announced the appointment of Frederick Beddingfield, III, MD, PhD as Chief Medical Officer. Dr. Beddingfield is a board-certified dermatologist who brings exceptional pharmaceutical and medical device development experience to KYTHERA. He joins the company from Allergan, Inc., where he worked in an executive capacity across the entire aesthetics portfolio including Botox® Cosmetic, Juvederm® and Latisse®. He most recently held the role of Vice President and Therapeutic Area Head, Dermatology and Aesthetics. In addition, he has substantial experience across medical dermatology including acne, rosacea, hair growth and scar prevention.

“Dr. Beddingfield is recognized as one of the leaders in medical aesthetic innovation and will immediately become an integral member of KYTHERA‘s executive team,” said Keith Leonard, KYTHERA‘s President and CEO. “His depth and breadth of experience will undoubtedly help further our mission to bring great science, clinical rigor and real innovation to the growing area of medical aesthetics.”

Dr. Beddingfield will lead all clinical research and development, including strategy, operations, statistics, data management, medical writing, regulatory and quality.

“KYTHERA‘s spirit of innovation and their unequaled commitment to developing safe and novel aesthetic treatments is what attracted me to the company,” said Dr. Beddingfield. “I look forward to building on the research success of ATX-101 and the opportunity to advance aesthetic medicine beyond the current treatment categories.”

An innovative physician-scientist, Dr. Beddingfield has experience working on premier products in the aesthetics industry, including Allergan’s Botox Cosmetic, Juvederm and Latisse, all market-leading aesthetic treatments in their respective categories. During his tenure at Allergan, Dr. Beddingfield served in several roles, including Chief Medical Officer, Allergan Medical, and Global Team Leader of several brands, including Botox Facial Aesthetics, Botox Hyperhidrosis, Dermal Fillers and Botox Spasticity. Earlier in his career, he held a full-time faculty position at UCLA David Geffen School of Medicine, Division of Dermatology, where he continues to maintain an academic appointment as Assistant Clinical Professor of Medicine. Dr. Beddingfield earned an MD degree with honors from the University of North Carolina and a PhD in Policy Analysis from RAND Graduate School of Policy Studies.

Effective March 23, Dr. Beddingfield succeeds Patricia Walker, MD, PhD, who joined KYTHERA in 2007 as Chief Medical Officer. Prior to joining KYTHERA, Dr. Beddingfield worked under Dr. Walker’s tutelage for three years …read more
Source: FULL ARTICLE at DailyFinance