Company: BioXcel Therapeutics, Inc.
Symbol: BTAI
Description: They are a clinical stage biopharmaceutical company focused on drug development that utilizes novel artificial intelligence, or AI, to identify the next wave of medicines across neuroscience and immuno-oncology.
Trade Date: 3/8
Shares: 5 million
Price Range: $11.00-$13.00
Underwriter(s): Barclays, UBS Investment Bank, BMO Capital Markets
Co-Manager(s): Canaccord Genuity
Terms Added: 2-27-18
Business: Their two most advanced clinical development programs are BXCL501, a sublingual thin film formulation of dexmedetomidine, or Dex, designed for acute treatment of agitation resulting from neurological and psychiatric disorders, and BXCL701, an immuno-oncology agent designed for treatment of a rare form of prostate cancer and for treatment of pancreatic cancer. They initiated a Phase 1b pharmacokinetic/pharmacodynamic, or PK/PD, safety study using the IV formulation of Dex in mild probable Alzheimer’s Disease, or AD, in December 2017 and they plan to initiate a Phase 1b PK/PD safety study using the IV formulation of Dex in schizophrenia patients in the first half of 2018. They expect to report data from both studies by the second half of 2018. They also intend to commence Phase 2 proof of concept, or PoC, open label clinical trials in 2018 for both programs. They expect that a data readout from the planned Phase 2 PoC clinical trials for the BXCL501 program will be available by the end of 2018, potentially leading to the start of registration trials, and that preliminary data from the planned Phase 2 PoC clinical trial of BXCL701 will be available in the first half of 2019. They retain global development and commercialization rights to these two programs.
Note: They are currently a 93% owned subsidiary of BioXcel. After the closing of this offering, they expect to be a “controlled company” within the meaning of the corporate governance rules of The Nasdaq Capital Market.
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