Biotech Values

[DewDiligence]

KYTH/Bayer—ATX-101 hits primary endpoint in phase-3 trials for cosmetic reduction of submental (underneath chin) fat:

http://www.fiercebiotech.com/press-releases/positive-results-phase-iii-trials-suggest-atx-101-effective-non-surgical-tr

"Both of the Phase-III studies demonstrated the injectable drug ATX-101 to be well tolerated by patients; they yielded a clinically relevant and statistically significant reduction in unwanted fat deposits under the chin," said Dr. Benjamin Ascher, Plastic Surgeon, Paris Academy, Director of the Aesthetic Surgery Clinic IENA in Paris and scientific director of the IMCAS, in his presentation at the Paris symposium.

Notwithstanding the above, KYTH’s share price barely reacted to the news, which was issued Friday before the open. KYTH IPO’d at $16/sh four months ago (#msg-80414921) and it is up 75% since then (including a 40% rise on the first day of trading), so maybe investors had already baked in success in these phase-3 trials.