Neothetics Inc (NASDAQ:NEOT) Announces Disappointing Top-Line Results

Neothetics Inc (NASDAQ:NEOT)

Neothetics Inc (NASDAQ:NEOT)

Neothetics Inc (NASDAQ:NEOT) has announced top-line efficacy and safety results from their Phase 2 proof-of-concept study, LIPO-202-CL-31, used in reducing submental subcutaneous fat. Neothetics, Inc is a clinical stage pharmaceutical company engaged in the development of therapeutics targeting the aesthetic market. LIPO-202 showed no improvement in efficacy or separation from placebo.

While commenting on the results, Kim Kamdar, Ph.D a member of the company’s Board of Directors and Operating Committee said they are evaluating the situation and determining the way forward for the company. He added that the main objective is always to maximize value for the company’s shareholders.

Head of Neothetics Inc (NASDAQ:NEOT)’s Development Committee, Dr. Dan Piacquadio, expressed displeasure in the results noting that they were too ambiguous. LIPO-202-CL-31 is a randomized, multi-cancer double-blind, placebo-controlled Phase 2 proof of concept study meant to establish the efficacy and safety of two doses of LIPO-202 against placebo in reducing submental bulging caused by subcutaneous fat.

In the trial, a total of 162 subjects were admitted and spread out over 12 sites across the United States. All subjects were randomized and administered with up to either 0.3 mcg, or 3.0 mcg dose of LIPO-202 or placebo. Subjects were also administered with up to 30 subcutaneous LIPO-202 or placebo injections once per week for a period of eight weeks. This was followed by visits, to evaluate the efficacy and safety of the drug, one week and four weeks after the last treatment.

The endpoints of the trial included both efficacy and safety measurements. Efficacy measures evaluated any improvements in the patient’s submental region as assessed by both clinician and patient and covering all subject satisfaction as well as evaluation of submental fat thickness by calipers.

Neothetics Inc (NASDAQ:NEOT) held its Annual General Meeting on June 20, 2017. As of April 24, 2017 the company had a total of 13,831,747 outstanding shares of the Company’s common stock. During the meeting, the company presented a total of 10,776,643 shares of the Company’s common stock by proxy or in person. The shareholders also elected a Class III director in addition to approving the ratification of independent registered public accounting firm.

The shareholders elected Kim P. Kamdar, Ph.D. as a Class III director and will hold the position up to the 2020 Annual Meeting of Stockholders and up to that time when her successor is elected.

Neothetics Inc (NASDAQ:NEOT) lost 69.52% and closed its day at $0.707.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Author: Monica Gray

Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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