Shares of Neothetics (NASDAQ: NEOT) plummeted more than 69% to a new 52-week low of $0.70 after the specialty pharmaceutical company said its fat reduction candidate, LIPO-202-CL-31, failed to demonstrate improvement on any efficacy measurements or separation from placebo. LIPO-202 continued to show a benign safety profile. “We are determining the path forward for the company,” Kim Kamdar, Ph.D., a member of Neothetics’ operating committee and board of directors, stated in the news release. “Our primary objective is to maximize value for our shareholders, and we will be expeditious and diligent in deciding next steps. We will share our future plans shortly.” Neothetics trades in a 52-week range of $0.72-$2.63.
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About Neothetics, Inc.
Neothetics is a San Diego based clinical-stage specialty pharmaceutical company developing therapeutics for the aesthetic market. Our initial focus is on localized fat reduction and body contouring. For more information on Neothetics, please visit www.neothetics.com. Neothetics, LIPO-202, LIPO-102 and the Neothetics logo are trademarks or registered trademarks of Neothetics, Inc. Other names and brands may be claimed as the property of others.
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