Patient enrollment advancing in SERENITY At-Home Phase 3 trial of BXCL501 for acute treatment of agitation associated with bipolar disorders or schizophrenia
Developed plans for TRANQUILITY In-Care Phase 3 trial of BXCL501 for agitation associated with Alzheimer’s dementia
Enhanced operational and financial flexibility through existing credit amendment
Strengthened strategic leadership with recent Board appointments
Feb. 05, 2025 -- BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience, today provided an update on the progress of its late-stage clinical programs for lead neuroscience asset BXCL501, as well as its recent steps to enhance operational and financial flexibility and strengthen its Board leadership.
“We continue to focus on advancing our SERENITY and TRANQUILITY programs to bring a much-needed new treatment option to address the estimated 140 million annual acute agitation episodes associated with bipolar disorders, schizophrenia, and Alzheimer’s dementia1-3,” said Vimal Mehta, Ph.D., CEO of BioXcel Therapeutics. “In addition, we have strengthened the business by amending our existing credit agreement, raising capital, and appointing additional leaders with considerable operational and clinical expertise to our Board of Directors. In parallel, we are continuing to manage costs and more closely align management and shareholder interests. Collectively, we believe these actions will help create value for all stakeholders.”
The majority of trial sites have been opened and patient enrollment is progressing with the SERENITY At-Home trial of BXCL501 for acute treatment of agitation associated with bipolar disorders or schizophrenia.
Developed plans for the TRANQUILITY In-Care trial of BXCL501 for agitation associated with Alzheimer’s dementia (AAD).
The Company plans to continue to supply IGALMI® to current and future customers through existing distribution channels, without commercial support.
Continue to generate deeper mechanistic insights for BXCL502 in support of its potential to be developed for the treatment of chronic AAD. A poster was presented at the annual meeting of the American College of Neuropsychopharmacology in Phoenix in December 2024.
Enhanced operational and financial flexibility through existing credit agreement amendment announced on Nov. 25, 2024.
Successfully raised $7 million gross proceeds in equity funding, which closed on Nov. 25, 2024.
The company has strengthened its Board of Directors with clinical, financial, and legal expertise.
Dr. Rajiv Patni has broad global product-development expertise in diverse therapeutic areas. He is currently CEO of Judo Bio, having previously served as Chief R&D Officer at Reata Pharmaceuticals, a commercial-stage company acquired by Biogen. Earlier, Dr. Patni was Chief Medical Officer at Global Blood Therapeutics, Portola Pharmaceuticals, and Adamas Pharmaceuticals, until their acquisitions by larger companies. He also held roles of increasing responsibility at Pfizer, Roche, and Actelion.
David Mack has a distinguished record of providing financial and legal leadership to a diverse range of domestic and international companies that has enabled them to effectively navigate through periods of transition. He has more than 25 years of experience as an attorney, director, and investor. He has extensive experience in leading transactions as well as deep knowledge of complex business matters.
Outside of its approved indication by the U.S. Food and Drug Administration as IGALMI® (dexmedetomidine) sublingual film, BXCL501 is an investigational proprietary, orally dissolving film formulation of dexmedetomidine, a selective alpha-2 adrenergic receptor agonist. BXCL501 is under investigation by BioXcel Therapeutics for the acute treatment of agitation associated with Alzheimer’s dementia and for the acute treatment of agitation associated with bipolar I or II disorder or schizophrenia in the at-home setting. The safety and efficacy of BXCL501 for these investigational uses have not been established. BXCL501 has been granted Breakthrough Therapy designation by the FDA for the acute treatment of agitation associated with dementia and Fast Track designation for the acute treatment of agitation associated with schizophrenia, bipolar disorders, and dementia.
BioXcel Therapeutics, Inc. (Nasdaq: BTAI) is a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience. Its wholly owned subsidiary, OnkosXcel Therapeutics, is focused on the development of medicines in immuno-oncology. The Company’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indications. For more information, please visit bioxceltherapeutics.com.
References
1. Data on file relating to agitation episodes associated with schizophrenia or bipolar I or II disorder. BioXcel Therapeutics, Inc. New Haven, CT December 2020. Episode estimations may not reflect potential treatable episodes, and actual addressable market may be smaller.
2. Data from Wu EQ, Shi L, Birnbaum H, et al. Annual prevalence of diagnosed schizophrenia in the USA: a claims data analysis approach. Psychol Med. 2006;36(11):1535-1540. Estimates based on whether indications are approved for at-home use for the intended patient population and such patients are treatable. Episode estimations may not reflect potential treatable episodes, and actual addressable market may be smaller.
3. National Institute of Mental Health. Prevalence of bipolar disorder in adults. November 2017. Accessed December 16, 2022. https://www-nimh-nih-gov.libproxy1.nus.edu.sg/health/statistics/bipolar-disorder. Episode estimations may not reflect potential treatable episodes, and actual addressable market may be smaller.
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