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news.Kythera Biopharmaceuticals, a privately-held biotechnology company, has 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.
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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.
The company plans to commercialize its products in the US and seek strategic partnerships in certain ex-US markets for its later stage clinical products.
Keith Leonard, president and CEO Kythera, said: “This additional investment commitment, combined with our existing cash reserves, increases Kythera financial strength and enables us to advance the clinical development of Kythera two clinical stage compounds and preclinical pipeline.
“Additionally, this early exercise of the option is a clear acknowledgement of the promising data recently announced from the Phase II trials on our lead product candidate, ATX-101.”