Healthcare Lower in Late Trade; Kythera Biopharma Slipping Slightly on Plans to Offer $100 Mln in New Stock


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Healthcare stocks are lower with the NYSE Healthcare Sector Index sinking 1.0% and shares of healthcare companies in the S&P 500 also falling 1.0% as a group.

In company news, Kythera Biopharmaceuticals Inc. ( KYTH ) is down 0.75% at $45.20 a share, bouncing back from a slide as low as $43.48 that followed the drug-maker filing registration documents to sell $100 million of its shares.

At its current stock price, the deal would result in KYTH issuing around 2.21 million shares, diluting current shareholders by around 11.8%.

KYTH said it plans to use proceeds from the proposed offering on additional testing and commercialization of its ATX-101 drug candidate to treat submental fat, more commonly known as a double chin.

In other sector news,

(+) ARWR, Stock climbs to best level in a year and a half after the biotech company prices a $60 million private placement of stock, funding another trial of its ARC-520 drug candidate to treat the hepatitis B virus.

(-) CVM, Prices $17.8 mln public offering of common stock and warrants at $1 per unit.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: KYTH

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