Business
BioXcel Therapeutics Announces Preliminary Estimated Unaudited Second Quarter Net Revenues from Sales of IGALMI™ (dexmedetomidine) Sublingual Film
Focused market-access strategy generates estimated net revenue of approximately $1.1 million, highest quarterly net revenue since commercial launch Represents
About this update from Bioxcel Therapeutics, Inc.
[{"type":"text","content":"Focused market-access strategy generates estimated net revenue of approximately $1.1 million, highest quarterly net revenue since commercial launch Represents 90% increase from the prior quarter and 141% increase from the second quarter of 2023 NEW HAVEN, Conn., July 16, 2024 (GLOBE NEWSWIRE) -- BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience and immuno-oncology, today announced preliminary estimated unaudited net revenue results from sales of IGALMI™ (dexmedetomidine) sublingual film for the second quarter ended June 30, 2024. The Company expects unaudited revenue of approximately $1.1 million for the three months ended June 30, 2024, representing an increase of approximately 90% quarter over quarter and approximately 141% compared to the same period in 2023. Revenue growth was driven by an increase in contracting with psychiatric care clinics and behavioral health facilities using a small commercial team. “We are pleased with the positive feedback we continue to receive from physicians, caregivers, and patients about IGALMI™ for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder,” said Vimal Mehta, Ph.D., CEO of BioXcel Therapeutics. “Since our commercial launch and deployment of focused market-access strategy, we are continuing to build IGALMI brand equity. Our current indication covers the institutional setting, where an estimated 16 million agitation episodes occur annually.1-3 We believe the current market presence could also help drive our potential expansion into the at-home setting, if BXCL501 is successfully developed and approved for use at home, where we estimate an additional 23 million annual agitation episodes occur. 1-3 We look forward to advancing our SERENITY program with the goal of addressing this at-home market, while remaining focused on progressing our TRANQUILITY program to potentially reach an even greater number of patients suffering from agitation associated with Alzheimer’s dementia.” The Company will discuss financial results and business updates for the second quarter of 2024 during its upcoming earnings conference call, the timing of which will be announced at a later date. About IGALMI™ (dexmedetomidine) sublingual film INDICATION IGALMI™ (dexmedetomi...