New Haven-based BioXcel avoids delisting from Nasdaq stock exchange
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Vimal Mehta is CEO of BioXcel Therapeutics Inc.
Just three weeks after executing a 1-for-16 reverse stock split of its common stock, New Haven-based biopharmaceutical company BioXcel Therapeutics Inc. on Friday announced it has avoided being delisted from the Nasdaq stock market.
The company was notified in September that for 30 consecutive days the bid price for its common stock had closed below the $1-per-share minimum required for continued listing, and that the minimum market value of its listed securities over the previous 30 consecutive days had fallen below the minimum of $35 million required for continued listing.
To address the issues, earlier this month BioXcel announced that every 16 shares of its common stock issued and outstanding would automatically be converted into one share of common stock, with no change in the $0.001 par value per share or authorized number of shares of common stock.
The reverse stock split took effect at 5 p.m. on Friday, Feb. 7. The company’s common stock, which trades on the Nasdaq Capital Market under the symbol BTAI, began trading on a split-adjusted basis at the opening of the market on Monday, Feb. 10.
The reverse stock split had the desired result, with the company announcing on Friday that its stock had maintained a minimum closing bid price of $1 per share for at least 12 consecutive trading days as of Wednesday.
On Thursday, BioXcel’s stock closed at $1.73 per share, while its market capitalization was $86.64 million, according to Google Finance.
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).
BioXcel also developed and commercially sells its drug under the trademarked name IGALMI (dexmedetomidine). IGLAMI is a thin-film that dissolves in the mouth to treat acute agitation in patients with schizophrenia and bipolar disorder. It was approved by the Food and Drug Administration in April 2022.
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