Branford’s BioXcel Therapeutics has completed an initial public offering of its stock. The company offered 5.45 million shares of its common stock at a price of $11 per share, raising $60 million in gross proceeds.

Proceeds from the IPO will be used to fund the Phase 2 testing of the company’s two most advanced drug candidates: BXCL501 and BXCL701. About $42 million of the total amount raised through the IPO will be used for Phase II research, with much of the remaining money slated to be used for working capital and for general corporate purposes, according to the company’s SEC filing.