BioXcel Ascends On $260 Mln Strategic Funding Pact, Creation Of OnkosXcel Therapeutics
BioXcel Therapeutics, Inc. (BTAI) shares are gaining more than 7 percent on Tuesday morning trade after the company announced strategic financing agreements with Oaktree and Qatar Investment Authority or QIA for funding support of up to $260 million for commercial activities of IGALMI sublingual film and expansion of clinical development of BXCL501 in pivotal Phase 3 program for the treatment of agitation in Alzheimer's disease.
Further, the company announced the formation of wholly-owned subsidiary OnkosXcel Therapeutics, Inc. to develop transformative medicines in oncology. The new entity would develop BXCL701, an orally administered investigational immune activator to initiate inflammation in the tumor development. In an ongoing phase 2 trial of castration-resistant prostate cancer, it will be evaluated in combination with Keytruda or pembrolizumab.
Currently, shares are trading at $15.84, up 7.21 percent from the previous close of $14.77 on a volume of 457,719. For the 52-week period, the shares have traded in a range of $14.32-$39.00 on average volume of 693,667.
19 Apr 2022