BioXcel Therapeutics Terminates $60 Mln Proposed Public Offering

(RTTNews) - Tuesday, BioXcel Therapeutics, Inc. (BTAI) announced the termination of its proposed public offering of $60 million in common stock which was previously announced on February 8, 2024. Following this news stock gained 11%.

The company stated that this decision was made due to unfavorable market conditions that were not deemed beneficial for the company's stockholders.

The focus will now shift toward the upcoming meeting with the FDA on February 20, 2024, regarding the Phase 3 TRANQUILITY At Home trial. This trial aims to assess BXCL501 as a potential acute treatment for agitation linked to dementia resulting from probable Alzheimer's disease.

BTAI is trading on the Nasdaq at $2.18, up 11.83% or $0.23 per share. It has traded between $1.91 and $34.00 in the past 52-week period.