RTTNews | Jul 20, 2020 09:56AM EDT

09:55 Monday, July 20, 2020 (RTTNews.com) - Shares of BioXcel Therapeutics, Inc. (BTAI) are currently up nearly 30% on Monday morning trade after the company said that two late-stage trials of treatment for schizophrenia and bipolar disorder met their primary endpoints.

BTAI is currently trading at $67.83, up $14.84 or 28.01%, on the Nasdaq.

BioXcel Therapeutics is a clinical-stage biopharmaceutical company developing drugs utilizing artificial intelligence to identify improved therapies in neuroscience and immuno-oncology.

BXCL501 was being evaluated in two phase III studies for the acute treatment of agitation in patients with schizophrenia, dubbed SERENITY I, and bipolar disorder, known as SERENITY II.

The company announced that BXCL501 met the primary and secondary endpoints of SERENITY I and SERENITY II, demonstrating a robust treatment effect in the trials.

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