BioXcel Therapeutics raises $14M in direct offering
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Vimal Mehta is CEO of BioXcel Therapeutics Inc.
BioXcel Therapeutics Inc., a New Haven-based biopharmaceutical company, said it has raised $14 million from a registered direct offering.
The company said it has entered into a securities purchase agreement “with certain institutional investors” for the purchase and sale in a registered direct offering of 4 million shares of common stock at a par value of $0.001 per share, and accompanying warrants to purchase up to 4 million shares of common stock at a combined offering price of $3.50 per share.
The offering closed on March 4.
BioXcel said it expects gross proceeds to the company of about $14 million before deducting the placement agent's fees and other estimated offering expenses payable by the company, excluding any proceeds from the exercise of the accompanying warrants.
BioXcel said it intends to use the net proceeds from the offering for working capital and general corporate purposes.
Rodman & Renshaw LLC was the exclusive placement agent for the offering.
BioXcel’s stock, which trades on the Nasdaq stock market under the symbol BTAI, opened at $3.18 per share Wednesday.
The company announced last month that, after executing a 1-for-16 reverse stock split of its common stock, it had avoided being delisted from the Nasdaq stock market.
Based at 555 Long Wharf Drive, BioXcel uses artificial intelligence to develop medicines in neuroscience and immuno-oncology. The company is evaluating BXCL501 as a treatment for agitation associated with Alzheimer’s dementia (AAD).
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