BioXcel Therapeutics Announces Pricing of Public Offering of Common Stock
September 26 2019 - 9:11AM
BioXcel Therapeutics, Inc. (“BTI” or the “Company”) (Nasdaq:
BTAI), a clinical-stage biopharmaceutical development company,
today announced the pricing of an underwritten public offering of
2,303,030 shares of common stock at a public offering price of
$8.25 per share. In addition, BTI has granted the
underwriters a 30-day option to purchase up to an additional
345,454 shares of common stock at the public offering price, less
underwriting discounts and commissions. Gross proceeds to BTI
from the offering are expected to be approximately $19.0 million,
before deducting underwriting discounts and commissions and
offering expenses, but excluding any exercise of the underwriters’
option. All of the shares of common stock in the offering are being
sold by BTI.
BMO Capital Markets Corp. is acting as
book-running manager for the offering. ThinkEquity, a division of
Fordham Financial Management, Inc., is acting as co-manager for the
offering. The offering is expected to close on or about September
30, 2019, subject to customary closing conditions.
The common stock is being offered by BTI
pursuant to an effective shelf registration statement on Form S-3
that was previously filed with the Securities and Exchange
Commission (SEC) on April 1, 2019 and declared effective by the SEC
on April 4, 2019. This offering is being made only by means of a
written prospectus and prospectus supplement that form a part of
the registration statement. A preliminary prospectus supplement
relating to and describing the terms of the offering was filed with
the SEC and is available on the SEC’s website at www.sec.gov. The
final terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC. When available, copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may also be obtained by contacting: BMO
Capital Markets Corp., 3 Times Square, New York, NY 100036,
Attention: Equity Syndicate Department, or by email at
bmoprospectus@bmo.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the securities, nor
shall there be any sale of the securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
jurisdiction.
Forward Looking Statement
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. When used herein, words including “anticipate,”
“being,” “will,” “plan,” “may,” “continue,” and similar expressions
are intended to identify forward-looking statements. In addition,
any statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking. All forward-looking
statements are based upon BTI's current expectations and various
assumptions. BTI believes there is a reasonable basis for its
expectations and beliefs, but they are inherently uncertain.
BTI may not realize its expectations, and its beliefs may not prove
correct. Actual results could differ materially from those
described or implied by such forward-looking statements as a result
of various important factors, including, without limitation, its
limited operating history; its incurrence of significant losses;
its need for substantial additional funding and ability to raise
capital when needed; its limited experience in drug discovery and
drug development; its dependence on the success and
commercialization of BXCL501 and BXCL701 and other product
candidates; the failure of preliminary data from its clinical
studies to predict final study results; failure of its early
clinical studies or preclinical studies to predict future clinical
studies; its ability to receive regulatory approval for its product
candidates; its ability to enroll patients in its clinical trials;
its approach to the discovery and development of product candidates
based on EvolverAI is novel and unproven; its exposure to patent
infringement lawsuits; its ability to comply with the extensive
regulations applicable to it; its ability to commercialize its
product candidates; and the other important factors discussed under
the caption “Risk Factors” in its Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2019 as such factors may be
updated from time to time in its other filings with the SEC, which
are accessible on the SEC’s website at www.sec.gov. These and other
important factors could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
BTI may elect to update such forward-looking statements at some
point in the future, except as required by law, it disclaims any
obligation to do so, even if subsequent events cause our views to
change. These forward-looking statements should not be relied upon
as representing BTI’s views as of any date subsequent to the date
of this press release.
Contact Information BioXcel Therapeutics, Inc.
The Ruth Group Carol Ruth / James Salierno 646-536-7004 / 7028
cruth@theruthgroup.com
jsalierno@theruthgroup.com
BioXcel Therapeutics (NASDAQ:BTAI)
Historical Stock Chart
From Aug 2024 to Sep 2024
BioXcel Therapeutics (NASDAQ:BTAI)
Historical Stock Chart
From Sep 2023 to Sep 2024