BioXcel Therapeutics Commences $60 Mln Public Offering; Stock Drops

(RTTNews) - BioXcel Therapeutics Inc. (BTAI) said that it has commenced an underwritten public offering of $60.0 million of shares of its common stock or, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase shares of its common stock.

BTAI closed Thursday's regular trading at $3.75 down $0.03 or 0.79%. In the after-hours trading the stock further dropped $1.59 or 42.40%.

In addition, the company expects to grant the underwriters a 30-day option to purchase up to $9.0 million of additional shares of common stock at the public offering price, less the underwriting discounts and commissions.

The company plans to use the net proceeds of this offering to fund ongoing and planned clinical trials, commercialization and general corporate purposes.