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BioXcel to list on Nasdaq
Posted on Tuesday, 13 February 2018 11:06
BioXcel Therapeutics, which uses a research and development (R&D) engine called EvolverAI to develop treatments for neurological disorders and cancers, is trying its hand at an initial public offering (IPO) on Nasdaq.
The Connecticut-headquartered company founded last year by privately-held BioXcel has submitted a prospectus with a USD 69.00 million placeholder.
UBS Investment Bank, Barclays and BMO Capital Markets are joint bookrunning managers and Canaccord Genuity is lead manager.
BioXcel is a clinical stage biopharmaceutical company that uses artificial intelligence to “identify the next wave of medicines across neuroscience and immuno-oncology”.
The group leverages existing approved drugs and/or clinically validated candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.
It believes this approach has the potential to reduce the cost and time of drug development in diseases with substantial unmet medical need.
BioXcel’s two most advanced programmes are focused on treating agitation resulting from neurological and psychiatric disorders, a rare form of prostate cancer, and pancreatic tumours.
The company was formed in March 2017 as a wholly-owned subsidiary of BioXcel, which currently only has a 93.0 per cent stake, to advance and bring to the market these two drugs and other candidates.
Proceeds will, of course be used to fund development, as well as to acquire or in-licence other technologies or medicines, seek regulatory and marketing approvals and establish a sales network, among other things.
BioXcel has incurrent losses since inception: it recorded USD 4.50 million in red ink in the 12 months ended 31st December 2017.
Globally, companies operating in the biotechnology, pharmaceuticals and life sciences sector, as per the Zephus classification of Zephyr, the M&A database published by Bureau van Dijk, have announced seven IPOs so far this calendar year.
Among them are Dermapharm Holdings of Germany, Sol-Gel Technologies of Israel, Kolinpharma of Italy and South China Vaccine.
© Zephus Ltd