NEW HAVEN, Conn., July 5, 2022 (GLOBE NEWSWIRE) — BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a commercial-stage biopharmaceutical company leveraging artificial intelligence approaches to develop transformative drugs in neuroscience and immuno-oncology, today announced the appointment of Michael P. Miller to its Board of Directors, effective July 1, 2022. Mr. Miller has nearly 40 years of strategic leadership and commercial growth experience in the pharmaceutical industry, most recently serving as Executive Vice President, US Commercial at Jazz Pharmaceuticals.
“We are pleased to welcome Mike to our Board and believe his deep commercial and market access expertise will be invaluable, especially as the trade launch for IGALMI™ Sublingual Film is underway,” said Vimal Mehta, Ph.D., CEO of BioXcel Therapeutics. “Mike’s significant industry experience with initial and extensive product launches, along with his development and operational knowledge in both neuroscience and oncology, will be a critical resource to the company during this important period of growth as we optimize our commercial capabilities and continue to move our pipeline forward.”
At Jazz Pharmaceuticals, Mr. Miller led a commercial team of more than 450 people that generated $2.3 billion in 2020 revenue. Prior to Jazz, he held senior executive management positions with commercial, marketing, market access and sales responsibilities at VIVUS, Genentech (until its acquisition by Roche), Connectics Corporation and ALZA Corporation. He started his pharmaceutical career at Syntex Laboratories in various commercial roles until its acquisition by Roche. Mr. Miller currently sits on the board of directors of Puma Biotechnology and serves as an advisor to several private and public biotechnology companies. He previously served on the boards of the Leukemia and Lymphoma Society, Silicon Valley, and Monterey Chapter. Mr. Miller has a BS in Finance from the University of San Francisco and an MBA from San Francisco State University.
“I am delighted to join the Board of Directors of BioXcel Therapeutics at this pivotal moment as this is an innovative company that I believe has strong commercial potential and is well positioned for growth, powered by its AI-based platform for drug discovery and development,” said Mr. Molenaar. “I look forward to using my expertise to support the ongoing IGALMI launch efforts and working with the rest of the Board of Directors and management team to continue to provide transformative medicine to patients in need.”
About BioXcel Therapeutics, Inc.
BioXcel Therapeutics, Inc. is a commercial-stage biopharmaceutical company that uses artificial intelligence approaches to develop transformative drugs in neuroscience and immuno-oncology. The company’s drug reinnovation approach leverages existing approved drugs and/or clinically validated product candidates, along with big data and proprietary machine learning algorithms to identify new therapeutic indices. The company’s commercial product, IGALMI (developed as BXCL501) is a proprietary, sublingual film formulation of dexmedetomidine. BXCL501 is being investigated for the acute treatment of agitation associated with Alzheimer’s disease, and as an adjunct treatment for major depressive disorder. The company is also developing BXCL502 as a potential therapy for chronic agitation in dementia. Under its subsidiary OnkosXcel Therapeutics, the company is developing BXCL701, an experimental, orally administered, systemic innate immune activator for the treatment of aggressive forms of prostate cancer and advanced solid tumors that are refractory or treatment-naïve to checkpoint inhibitors. For more information, visit www.bioxceltherapeutics.com†
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, the company’s growth and commercial potential. When used herein, words such as “anticipate”, “will”, “plan”, “may”, “continue”, “intend”, “designed”, “purpose” and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characteristics of future events or conditions, including underlying assumptions, are forward-looking. All forward-looking statements are based on the company’s current expectations and various assumptions. The Company believes there are reasonable grounds for its expectations and beliefs, but these are inherently uncertain. The Company may not live up to its expectations and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of several important factors, including, but not limited to: limited company history; suffering significant losses; the need for substantial additional funding and the ability to raise capital as needed; his limited experience in drug discovery and drug development; its dependence on the success and commercialization of IGALMI™, BXCL501, BXCL502, and BXCL701 and other product candidates; the company has no experience in marketing and selling pharmaceuticals; IGALMI™ or the company’s product candidates may not be accepted by physicians or the medical community in general; the failure of preliminary data from its clinical trials to predict final trial results; failure of its early clinical studies or preclinical studies to predict future clinical studies; its ability to obtain regulatory approval for its product candidates; its ability to enroll patients in its clinical trials; unwanted side effects caused by the company’s product candidates; its new approach to discovery and development of product candidates based on EvolverAI; his exposure to patent infringement lawsuits; his ability to comply with the extensive regulations that apply to him; effects of the COVID-19 pandemic; its ability to commercialize its product candidates; and the other significant factors discussed under the heading “Risk Factors” in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as such factors may be updated from time to time in its other filings with the SEC that are accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated in the forward-looking statements contained in this press release. Such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at any time in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon to represent the views of the Company as of the date of this press release.
Source: BioXcel Therapeutics, Inc.