BioXcel falls after filing for Chapter 11 bankruptcy
BTAI•Bankruptcy follows strategic review
The bankruptcy filing comes after the company said in May that it was exploring strategic options, including a sale or merger or licensing its assets.
BioXcel's experimental drug candidate BXCL501, or dexmedetomidine, is being developed as an acute treatment for agitation associated with dementia.
As of the last close, BTAI was down 55% year-to-date.
BioXcel shares fall after Chapter 11 filing
Shares of biotech firm BioXcel BTAI.O fell 61% to 27 cents in premarket trading after the company late on Thursday filed for Chapter 11 bankruptcy protection in the U.S., a regulatory filing showed.
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.
