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BioXcel Therapeutics Falls Premarket On Offering New Shares

Stock Markets8 minutes ago (Jun 23, 2021 06:30AM ET)BioXcel Therapeutics Falls Premarket On Offering New Shares© Reuters.

By Dhirendra Tripathi

Investing.com – BioXcel Therapeutics (NASDAQ:BTAI) shares were trading weaker by almost 8% in Wednesday’s premarket in response to the company’s offering of fresh shares.

On Tuesday, the company said that it has commenced an underwritten public offering of $100 million in common stock. The offering has a greenshoe option of a further $15 million. 

The company intends to use the net proceeds to fund ongoing clinical trials, commercialization preparation and for general corporate purposes.

For the fiscal first quarter ended March 31, BioXcel had reported a wider net loss of $26.4 million, compared to a net loss of $14.9 million for the same period in 2020.

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