Neothetics (NEOT) Prices Upsized IPO at $14, Middle of Range
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Neothetics (NASDAQ: NEOT) priced its initial public offering of 4,650,000 shares of its common stock at a public offering price of $14.00 per share, the middle of the expected $13-$15 range. The offer size was raised from 4,300,000 shares. The shares are scheduled to begin trading on The NASDAQ Global Market today under the symbol "NEOT."
Piper Jaffray & Co. and Guggenheim Securities, LLC, are acting as joint book-running managers for the offering. Needham & Company is acting as a co-manager.
Neothetics is a clinical-stage specialty pharmaceutical company developing therapeutics for the aesthetic market. The lead product candidate, LIPO-202, is for the reduction of subcutaneous fat in the central abdomen in non-obese patients, an indication for which there is no FDA-approved drug. If approved, LIPO-202 may be a best-in-class non-surgical, non-ablative procedure and first-in-class injectable formulation for localized fat reduction and body contouring.
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