BioXcel Therapeutics Announces Proposed Public Offering of Common Stock
February 19 2020 - 4:54PM
BioXcel Therapeutics, Inc. (“BTI” or the “Company”) (Nasdaq: BTAI),
a clinical-stage biopharmaceutical development company, today
announced that it has commenced an underwritten public offering of
2,000,000 shares of its common stock. In connection with the
offering, BTI intends to grant the underwriters a 30-day option to
purchase up to an additional 300,000 shares of common stock from
BTI. To the extent the underwriters exercise their option to
purchase additional shares of common stock, the Company intends to
use the net proceeds from the sale of additional shares to
repurchase shares of common stock (which shares will then be
canceled) from BioXcel Corporation at a price equal to the price
paid by the underwriters for such shares in the public
offering.
BofA Securities, Canaccord Genuity LLC and SunTrust
Robinson Humphrey are acting as book-running managers for the
offering. H.C. Wainwright & Co. is acting as co-manager
for the offering. The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
The Company intends to use the net proceeds of this
offering to advance the development of product candidates,
including the funding of clinical trials for BXCL501 for acute
treatment of agitation resulting from neurological and psychiatric
disorders, including dementia and opioid withdrawal, and BXCL701
for treatment of a rare form of prostate cancer, pancreatic cancer
and solid tumor indications, and for general corporate purposes,
which may include development and commercialization of product
candidates, research and development, general and administrative
expenses, license or technology acquisitions, and working capital
and capital expenditures.
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
preliminary prospectus supplement and the accompanying prospectus
relating to the offering may also be obtained by contacting: BofA
Securities, NC1-004-03-43, 200 North College Street, 3rd floor,
Charlotte NC 28255-0001, Attn: Prospectus Department, Email:
dg.prospectus_requests@bofa.com, Canaccord Genuity LLC Attention:
Syndicate Department, 99 High Street, Suite 1200, Boston, MA 02110,
by telephone at (617) 371-3900 or by e-mail
at prospectus@canaccordgenuity.com or SunTrust Robinson
Humphrey, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attention:
Prospectus Department, or by calling: 1-800-685-4786, or by
emailing: strhdocs@suntrust.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.
About BioXcel BioXcel
Therapeutics, Inc. is a clinical stage biopharmaceutical company
focused on drug development that utilizes novel artificial
intelligence approaches to identify and advance the next wave of
medicines in neuroscience and immuno-oncology.
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 September 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 Investor
Relations:John Grazianojgraziano@troutgroup.com1.646.378.2942
Media:Julia
Deutschjdeutsch@troutgroup.com1.646.378.2967
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