BioXcel plummets after FDA recommends additional trial for agitation treatment
14/11/2023 13:10
** Shares of drugmaker BioXcel Therapeutics BTAI.O fall
about 42% to $3.22 premarket
** Says U.S. FDA recommends an additional late-stage trial
for co's Alzheimer's dementia related agitation treatment
** Says the trial on the drug, BXCL501, will be conducted in
at-home settings and evaluate safety and collect additional
efficacy data, as recommended by the FDA
** Co also posts Q3 revenue of $341,000 vs analysts' average
expectation of $660,000 - LSEG data
** BTAI says its current cash and cash equivalents is
expected to fund its operations through mid-2024
** Says it will restructure its strategic financing
terms with Oaktree Capital Management and Qatar Investment
Authority, which is expected to enhance BioXcel's operational
and financial flexibility
** Up to last close, stock down ~74.4% YTD
(Reporting by Christy Santhosh)
((Christy.Santhosh@thomsonreuters.com))