After having won FDA approval for the psychiatric drug Igalmi, BioXcel is making a major new move: pivoting its focus to commercialization and spinning out much of the rest of its pipeline into a new company.
BioXcel is forming a new subsidiary, OnkosXcel, to go after cancer. OnkosXcel plans to progress the development of BXCL701, an investigational, orally administered innate immune activator, designed to initiate inflammation in a microenvironment around tumors.
The biotech has entered into strategic financing agreements with funds managed by two firms: Oaktree Capital Management and Qatar’s sovereign wealth fund, Qatar Investment Authority.