BioXcel Therapeutics, Inc. (NASDAQ:BTAI) shares are jumping on Tuesday.
The company announced that it has terminated its proposed public offering of $60.0 million of shares of its common stock.
The termination results from the current market conditions that are not conducive for an offering on terms that would be in the best interests of the company’s stockholders.
In addition, the company said it intends to focus on its upcoming meeting with the FDA on February 20, 2024, for its Phase 3 TRANQUILITY At Home trial.
The trial will evaluate BXCL501 as a potential acute treatment of agitation associated with dementia due to probable Alzheimer’s disease in the at-home setting.
The data readout from this trial is expected in the first quarter of 2025.
Price Action: BTAI shares are trading higher by 23% to $2.40 on the last check Tuesday.
