Neothetics (NEOT) IPO Opens Flat, Trades Lower

Today's IPO for Neothetics (NASDAQ: NEOT) opened for trading earlier at $14 after pricing 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. Shares have since moved down 9.3% to $12.70.

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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