Neothetics loses ground after $65.1M IPO

Neothetics Inc. (NASDAQ:NEOT) fell $2 (14%) to $12 in its first day of trading on Thursday after it raised $65.1 million through the sale of 4.7 million shares at $14 in an IPO. The deal valued Neothetics at $190.7 million. Piper Jaffray; Guggenheim Securities; and Needham are underwriters.

Next half, Neothetics expects to begin two Phase III trials of LIPO-202, a subcutaneous formulation of salmeterol, to reduce central abdominal bulging due to subcutaneous fat in non-obese patients. It expects top-line data by YE15, and plans to submit an NDA to FDA for the long-acting adrenergic receptor beta 2 agonist (LABA) in 2H16. ...