BioXcel Therapeutics rises after co scraps stock offering

BioXcel Therapeutics

13/02/2024 15:10

** BioXcel Therapeutics Inc's  BTAI.O  stock up 9.5% at
$2.14 early Tues after co terminates planned $60 mln stock
offering
    ** Biopharma says current market conditions not conducive
for an offering that would be in best interests of stockholders
    ** Co says intends to focus on upcoming meeting with FDA
on Feb 20 for late-stage study of its treatment to treat
agitation associated with Alzheimer’s disease
    ** On Mon, co said FDA granted "fast track" status for its
prostate cancer therapy
    ** On Fri, BTAI plummeted ~44% and hit record lows after co
launched stock offering after the bell on Thurs
    ** It also disclosed late Thurs it had ~$62 mln of cash on
Jan 31 and ~$103 mln outstanding under credit agreement from
Oaktree Capital Management
    ** Even with gain on the session, BTAI down ~27% to start
2024 and has lost >90% over the past year

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))