March 9, 2018

Branford drug startup sets IPO price at $11 a share

BioXcel Therapeutics Inc.'s stock began trading on the Nasdaq Thursday at $11 a share in an initial public offering aimed at raising $60 million.

The Branford-based company, which uses artificial intelligence to discover new drugs and repurpose old ones, said it is offering 5.5 million shares in the IPO. Underwriters have a 30-day option to purchase an additional 818,181 shares at the $11 price, the company said.

The stock is trading under the symbol "BTAI." The offering is expected to close March 12.

The IPO, which was first reported last month, comes just a year after the company's launch in March 2017 following a split from parent BioXcel Corp.

In a filing earlier this year with the U.S. Securities and Exchange Commission, BioXcel said it would use the cash to pay for phase 2 trials for its drugs BXCL501, which treats agitation in Alzheimer's and schizophrenia, and BXCL701, which treats advanced pancreatic cancer. Both are existing drugs being tested for new uses.

The company initially told the SEC it planned to raise $69 million in the IPO.

Natalie Missakian can be reached at news@newhavenbiz.com

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