Aug 27 (Reuters) – AI-driven biopharma firm BioXcel Therapeutics filed for Chapter 11 bankruptcy protection in the U.S. on Thursday.
Here are more details:
• 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 U.S. Bankruptcy Court for the District of Delaware.
• 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.
(Reporting by Anusha Shah in Bengaluru; Editing by Eileen Soreng)
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