Companies BioXcel Therapeutics Inc FollowAug 14 (Reuters) - BioXcel Therapeutics Inc (BTAI.O) said on Monday it will reduce its workforce by more than 50% to 80 employees from about 190, as the drugmaker shifts its focus towards developing its agitation treatment.
The drug, sold under the brand name Igalmi in the U.S., is already approved for use in hospital settings to treat agitation in adult patients with schizophrenia or bipolar disorder.
The company plans to reduce in-hospital commercialization expenses, and suspend trials that it no longer deems core to its business.
With the job cuts, BioXcel aims to reduce more than 50% of its cash burn to about $80 million on a go-forward annualized basis.
Its cash and cash equivalents totaled to $127.5 million as of June 30, compared with $165.5 million as of March 31.
Persons:
Sriparna Roy, Krishna Chandra
Organizations:
BioXcel Therapeutics, BioXcel Therapeutics Inc, Oaktree Fund Administration, Qatar Investment Authority, Thomson
Locations:
U.S, Bengaluru