Connecticut Business E-News

bioxcelBRANFORD: How’s this for Start-up speed, BioXcel Therapeutics, founded less than a year ago, is launching a $69 million IPO.

The company says it uses “big data” and machine learning to find new drug therapies.

“We believe that this differentiated approach has the potential to reduce the cost and time of drug development in diseases with substantial unmet medical need,” the company said in a statement.

The Nasdaq Capital Market under the ticker symbol “BTAI.

The company says that it utilizes “novel artificial intelligence to identify the next wave of medicines across neuroscience and immuno-oncology.”

BT applies its technology to “existing approved drugs and/or clinically validated product candidates”

The company is a spin-off from BioXcel Corp., it has two drugs in the clinical testing pipeline. BioXcel Therapeutics has no sales and has not revealed that it has any private funding beyond some financial support from BioXcel Corp.

Barclays Capital Inc., UBS Securities LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the proposed offering. Canaccord Genuity Inc. is acting as lead manager.