Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

June 23, 2021

BioXcel aims to raise $100M in public offering

PHOTO | STEVE LASCHEVER BioXcel Therapeutics CEO Vimal Mehta
By Natalie Missakian

With a potential FDA approval of its first drug on the horizon, New Haven’s BioXcel Therapeutics Inc. is looking to raise $100 million in a public offering.

The publicly traded, artificial intelligence-focused biotech said Wednesday it will sell 3.15 million shares of common stock at $31.70 a share. 

The sale is expected to bring in $100 million in gross proceeds, before discounts, commissions and expenses. 

Parent company BioXcel LLC, a stockholder, has granted the underwriters a 30-day option to purchase up to an additional 473,250 shares of common stock. BioXcel Therapeutics will not receive any of the proceeds from any sale of shares by the parent company, the company said in a news release.

BofA Securities is acting as sole book-running manager for the offering, which is expected to close Friday, pending customary closing conditions.

BioXcel said it will use net proceeds from the sale to fund ongoing clinical trials and to prepare for commercialization of its anti-agitation drug BXCL501, which is on track for FDA approval by January 5, 2022.

BioXcel is seeking approval of the drug, a thin-film that dissolves in the mouth, to treat acute agitation in patients with schizophrenia and bipolar disorder. 

Based at 555 Long Wharf Dr., the company went public in 2018, shortly after spinning off from its parent. It trades on the Nasdaq under the symbol BTAI.

Contact Natalie Missakian at news@newhavenbiz.com

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF