OnkosXcel Therapeutics Announces Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering

Rhea-AI Summary

On March 14, 2023, OnkosXcel Therapeutics announced the confidential submission of a draft registration statement on Form S-1 with the SEC for a proposed initial public offering (IPO) of its common stock. The number of shares and price range of the offering have yet to be determined, with the IPO anticipated to follow the SEC's review, contingent on market conditions. OnkosXcel operates as a subsidiary of BioXcel Therapeutics (Nasdaq: BTAI). This announcement complies with Rule 135 of the Securities Act of 1933, and does not constitute an offer to sell or solicit offers to buy any securities.

Positive

• Confidential submission of a draft registration statement for an IPO indicates potential growth and market entry opportunities for OnkosXcel.
• The IPO may provide necessary funding to support future business developments and expansion.

Negative

• Details on the number of shares and price range remain undetermined, causing uncertainty for potential investors.
• The IPO process is subject to regulatory review and market conditions, which may delay fundraising efforts.

NEW HAVEN, Conn., March 14, 2023 (GLOBE NEWSWIRE) -- OnkosXcel Therapeutics, LLC (“OnkosXcel”) today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock following its conversion into a corporation. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions. OnkosXcel is a subsidiary of BioXcel Therapeutics, Inc. (Nasdaq: BTAI).

This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the “Securities Act”), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.

Contact Information

Corporate
BioXcel Therapeutics
Erik Kopp
1.203.494.7062
ekopp@bioxceltherapeutics.com

Investor Relations
BioXcel Therapeutics
Brennan Doyle
1.475.355.8462
bdoyle@bioxceltherapeutics.com

Media
Russo Partners
David Schull or Scott Stachowiak
1.858.717.2310
David.schull@russopartnersllc.com
Scott.stachowiak@russopartnersllc.com

Source: OnkosXcel Therapeutics, LLC

 

FAQ

What is the purpose of OnkosXcel's Form S-1 submission?

OnkosXcel submitted a Form S-1 to initiate the process for a proposed IPO, allowing it to raise capital for growth.

What is the expected timeline for OnkosXcel's IPO?

The IPO is anticipated to occur after the SEC completes its review process, subject to market conditions.

How is BioXcel Therapeutics related to OnkosXcel's IPO?

OnkosXcel is a subsidiary of BioXcel Therapeutics, which is listed on Nasdaq under the ticker symbol BTAI.