By Chris Wack
Shares of BioXcel Therapeutics saw a 13% increase, reaching $2.21, following the termination of its proposed public offering. The company had initially planned to offer $60 million worth of shares or pre-funded warrants, as announced last week.
BioXcel Therapeutics has recently been experiencing a decline in stock value, with its 52-week low hitting $1.91 on February 9. Over the past year, the stock has plummeted by 93%.
With the termination of the offering, the company is not selling any securities at this time. BioXcel Therapeutics’ management has determined that current market conditions are not suitable for an offering that would benefit its stockholders.
Instead, the company is shifting its focus to an upcoming meeting with the Food and Drug Administration (FDA) on February 20. The meeting will discuss its Phase 3 trial, which aims to evaluate the potential of BXCL501 as an acute treatment for agitation associated with dementia caused by probable Alzheimer’s disease in the at-home setting. The data readout from this trial is expected in the first quarter of 2025.