Processing Your Payment

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

November 22, 2024

BioXcel Therapeutics announces $7M public offering

PHOTO | FILE IMAGE Vimal Mehta is CEO of BioXcel Therapeutics Inc.
By David Krechevsky

BioXcel Therapeutics Inc., a New Haven-based biopharmaceutical company that uses artificial intelligence to develop medicines in neuroscience and immuno-oncology, on Friday announced a public offering of its common stock in a bid to raise $7 million.

The company said its underwritten public offering of 5.6 million shares of its common stock, with a par value of $0.001 per share, and accompanying warrants to purchase up to 5.6 million shares, and pre-funded warrants to purchase up to 9 million shares and accompanying warrants, will be offered at a combined price of 48 cents per share. 

The gross proceeds from the offering are expected to be approximately $7 million, before deducting underwriting discounts and commissions and offering expenses, and excluding the exercise of any of the warrants, the company said.

The financial services firm Canaccord Genuity is acting as sole book-running manager for the offering, which is expected to close on or about Nov. 25.

The company said it intends to use the net proceeds for at-home and in-care trials, working capital and general corporate purposes.

This is BioXcel’s second stock offering in 2024. In March, it announced a $25 million registered direct offering.

That offering came about six weeks after the company called off a $60 million public offering, stating at the time “that current market conditions are not conducive for an offering on terms that would be in the best interests of the company's stockholders.”

The company, which announced in September that it had cut 28% of its workforce and eliminated a C-suite position as it continues to struggle financially, also is at risk of being delisted from the Nasdaq Stock Market.

BioXcel’s stock trades on the Nasdaq under the symbol BTAI. As of Friday morning, the stock price was trading around 55 cents per share, down 3.6% but above its 52-week low of 50 cents per share.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF