New Haven-based BioXcel Therapeutics Inc. said it has completed a stock offering that raised about $8 million from an institutional investor.
New Haven-based BioXcel Therapeutics Inc. said it has completed a stock offering that raised about $8 million from an institutional investor.
The bioscience company sold about 4.5 million shares of common stock, or stock equivalents, along with warrants that allow the investor to purchase additional shares in the future.
The transaction generated approximately $8 million in gross proceeds before fees and other offering expenses. The offering closed March 11, the company said.
Founded in 2017,
BioXcel develops neuroscience medicines using artificial intelligence. Its lead product, Igalmi, is a dissolvable film approved by the U.S. Food and Drug Administration in 2022 to treat agitation in patients with schizophrenia and bipolar disorder in supervised healthcare settings.
The company is seeking to expand the drug’s use for at-home treatment of agitation, which would significantly broaden its potential market.
BioXcel earlier this year also named veteran biopharmaceutical executive Mark Pavao as acting chief commercial officer to lead commercialization strategy for the drug.
