BioXel Therapeutics has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $69.0 million. The company intends to list its shares on the Nasdaq under the symbol BTAI.
The underwriters for the offering are Barclays, UBS Investment Bank and BMO Capital Markets.
This is a clinical-stage biopharmaceutical company focused on drug development that utilizes novel artificial intelligence (AI) to identify the next wave of medicines across neuroscience and immuno-oncology.
The firm’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.
Management believes that this differentiated approach has the potential to reduce the cost and time of drug development in diseases with substantial unmet medical need.
BioXel’s two most advanced clinical development programs are BXCL501, designed for acute treatment of agitation resulting from neurological and psychiatric disorders, and BXCL701, designed for treatment of a rare form of prostate cancer and for treatment of pancreatic cancer.
The firm initiated a Phase 1b pharmacokinetic/pharmacodynamic safety study using the IV formulation of Dex in mild probable Alzheimer’s disease in December 2017, and it plans to initiate a Phase 1b PK/PD safety study using the IV formulation of Dex in schizophrenia patients in the first half of 2018. Management also expects to report data from both studies by the second half of 2018.
Separately, the company intends to commence Phase 2 proof of concept open-label clinical trials in 2018 for both programs. It expects that a data readout from the planned Phase 2 Proof of Concept clinical trials for the BXCL501 program will be available by the end of 2018, potentially leading to the start of registration trials, and that preliminary data from the planned Phase 2 PoC clinical trial of BXCL701 will be available in the first half of 2019. The firm retains global development and commercialization rights to these two programs.
The company intends to use the net proceeds from the offering to further develop its pipeline, as well as for working capital and general corporate purposes.