BioXcel Therapeutics (BTAI) to Offer 2M Shares of Common Stock

BioXcel Therapeutics, Inc. (Nasdaq: BTAI) announced that it has commenced an underwritten public offering of 2,000,000 shares of its common stock. In connection with the offering, BTI intends to grant the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock from BTI. To the extent the underwriters exercise their option to purchase additional shares of common stock, the Company intends to use the net proceeds from the sale of additional shares to repurchase shares of common stock (which shares will then be canceled) from BioXcel Corporation at a price equal to the price paid by the underwriters for such shares in the public offering.

BofA Securities, Canaccord Genuity LLC and SunTrust Robinson Humphrey are acting as book-running managers for the offering. H.C. Wainwright & Co. is acting as co-manager for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The Company intends to use the net proceeds of this offering to advance the development of product candidates, including the funding of clinical trials for BXCL501 for acute treatment of agitation resulting from neurological and psychiatric disorders, including dementia and opioid withdrawal, and BXCL701 for treatment of a rare form of prostate cancer, pancreatic cancer and solid tumor indications, and for general corporate purposes, which may include development and commercialization of product candidates, research and development, general and administrative expenses, license or technology acquisitions, and working capital and capital expenditures.

You May Also Be Interested In

• Laser Photonics to raise $2.5M through warrant exercise
• H.C. Wainwright Starts Seaport Therapeutics (SPTX) at Buy
• DBV Technologies refreshes ATM program with $150M ADS offering