Why Did BTAI Stock Surge 20% In Pre-Market Today?
Synopsis
BioXcel announced positive Phase 2 results for evaluating treatment for opioid withdrawal symptoms.
Shares of BioXcel Therapeutics Inc (BTAI) surged nearly 20% in pre-market trading on Thursday, after the company announced positive topline results from a Phase 2 trial evaluating BXCL501 for treating opioid withdrawal symptoms.
Results of the study, which involved 80 patients, showed that BXCL501 helped reduce withdrawal symptoms and may be as effective as or better than lofexidine, an FDA-approved treatment for opioid withdrawal.
Patients receiving BXCL501 experienced more than a 30% reduction in withdrawal symptoms, with the strongest improvement seen on days three and four of treatment. The drug also showed a favorable safety and tolerability profile, with lower rates of certain cardiovascular side effects and no reports of sedation in the treatment groups.
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