FX.co ★ BioXcel Therapeutics Terminates $60 Mln Proposed Public Offering

On Tuesday, BioXcel Therapeutics, Inc. announced the cancellation of its proposed public offering of $60 million in common stock, which was initially announced on February 8, 2024. This news led to the company's stock increasing by 11%.

The company indicated that the decision to cancel the offering was due to unfavorable market conditions that were seen as not advantageous for the company's shareholders.

In the light of this development, there would be a heightened focus on the forthcoming meeting with the FDA, scheduled for February 20, 2024. The principal subject of this meeting will be the Phase 3 TRANQUILITY At Home trial. The goal of this trial is to evaluate BXCL501 for possible acute treatment for the agitation associated with probable Alzheimer's disease-induced dementia.

Currently, BioXcel Therapeutics, Inc. is listed on the Nasdaq exchange with its shares trading at $2.18, an increase of 11.83% or $0.23 per share. Over the past year, the trading range for the company's shares has been between $1.91 and $34.00.