BioXcel Therapeutics, Inc. (NASDAQ:BTAI) shares are trading lower on Friday.

The company announced that it has commenced an underwritten public offering of $60 million of shares of its common stock or, in lieu of common stock to certain investors that so choose, pre-funded warrants to purchase shares of its common stock.

In addition, BioXcel expects to grant the underwriters a 30-day option to purchase up to $9 million of additional shares of common stock at the public offering price, less the underwriting discounts and commissions.

The company said it intends to use the net proceeds of this offering to fund ongoing and planned clinical trials, commercialization, and general corporate purposes.

Price Action: BTAI shares are trading lower by 33% to $2.5115 on the last check Friday.