Biopharma firm BioXcel Therapeutics files for bankruptcy in US
BTAI•BioXcel files for Chapter 11 protection
Aug. 27 (Reuters) - AI-driven biopharma firm BioXcel Therapeutics filed for Chapter 11 bankruptcy protection in the U.S. on Thursday.
BioXcel listed estimated liabilities in the range of $100 million to $500 million and assets of $10 million to $50 million in its petition filed with the U.S. Bankruptcy Court for the District of Delaware.
Recent financing, losses and strategic review
The filing comes after BioXcel entered into an amended credit agreement on Monday, under which creditors would provide an additional $1.25 million in loans to the company.
BioXcel Therapeutics reported a quarterly adjusted loss of 49 cents per share for the three months ended June 30.
The firm, whose shares have fallen about 55% so far this year, said in May it was exploring strategic options including a sale, merger or licensing agreement of its assets, but did not provide a timeline.
BioXcel is focused on developing neurological medication. Its experimental drug BXCL501 is marketed as an acute treatment for agitation associated with Alzheimer’s dementia.
