BioXcel Therapeutics, which is utilizing AI to develop new uses of drugs to treat neurological disorders and cancer, announced terms for its IPO on Tuesday.
The Branford, CT-based company plans to raise $60 million by offering 5.0 million shares at a price range of $11 to $13. At the midpoint of the proposed range, BioXcel Therapeutics would command a fully diluted market value of $210 million.
BioXcel Therapeutics was founded in 2017 and booked n/a in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol BTAI. Barclays, UBS Investment Bank and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of March 5, 2018.
