BioXcel Therapeutics Secures $7 Million Through Public Offering

BioXcel Therapeutics Completes $7 Million Public Offering

BioXcel Therapeutics, Inc. (NASDAQ: BTAI) is making remarkable strides in the biopharmaceutical industry, focusing on the innovative application of artificial intelligence to develop transformative treatments in neuroscience and immuno-oncology. The company recently announced a public offering, successfully pricing it at $7.0 million.

Details of the Offering

The financing involves an underwritten public offering where BioXcel is set to offer 5,600,000 shares of its common stock, valued at $0.001 each. Additionally, accompanying warrants that allow investors to purchase an equal number of shares will also be part of this offering. For certain investors, there is an option of pre-funded warrants that grant access to up to 9,000,000 shares.

Financial Insights

The combined public offering price has been fixed at $0.48 per share, along with the associated warrants. For those opting for pre-funded warrants, the effective price stands at $0.479, accounting for a nominal exercise price of $0.001. The expected gross proceeds from this offering should hover around $7 million, following the deduction of underwriting discounts, commissions, and other expenses.

The Role of Canaccord Genuity

Canaccord Genuity is at the helm as the sole book-running manager overseeing this public offering. The anticipated closing date for the offering is earmarked around a few days after the announcement, contingent on customary closing conditions being met.

Regulatory Framework

This public offering is being conducted in accordance with a shelf registration statement which BioXcel previously submitted to the Securities and Exchange Commission (SEC). This registration, initially filed on November 2, 2023, has received effective approval on the 13th of the same month. All necessary documentation, including the prospectus and its related updates, will be made available through the SEC’s online platform.

Investor Communication

Investors seeking additional insights or who wish to obtain copies of the prospectus supplement can direct their inquiries to Canaccord Genuity’s office located in Boston. They can also reach out through the dedicated email for prospectus requests.

Understanding Forward-Looking Statements

It is important for potential investors to recognize the inherent risks and uncertainties that may surround this offering. BioXcel emphasizes that statements relating to future expectations and performance should be taken with caution. Actual outcomes could potentially deviate from what is anticipated due to a multitude of factors that influence the pharmaceutical landscape.

Contact Information for Stakeholders

For corporate inquiries or investor relations, Erik Kopp from BioXcel Therapeutics can be reached directly via phone or email. This provides a streamlined approach for stakeholders interested in the company’s ongoing developments.

Frequently Asked Questions

What is the main aim of BioXcel's public offering?

The offering aims to raise funds for developing transformative medicines focusing on neuroscience and immuno-oncology through advanced artificial intelligence strategies.

Who is managing the public offering?

Canaccord Genuity is acting as the sole book-running manager for BioXcel Therapeutics' public offering.

What should investors consider regarding forward-looking statements?

Investors should understand that forward-looking statements involve risks and uncertainties, and actual results may vary significantly from projections.

How much funding is expected from this offering?

The anticipated gross proceeds from this offering are approximately $7 million, subject to deductions for various expenses and fees.

How can I contact BioXcel for more information?

Stakeholders can contact Erik Kopp at BioXcel Therapeutics via phone or email for further inquiries related to the company and the offering.

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