said on Monday it will reduce its workforce by more than 50% to 80 employees from about 190, as the drugmaker shifts its focus towards developing its agitation treatment.The company said it will prioritize the development of its drug BXCL501, which is being evaluated for use in at-home settings for treatment of agitation related to schizophrenia, bipolar disorders and in patients with mild-to-moderate dementia due to probable Alzheimer's disease.
BioXcel, in a conference call on Monday, said it has initiated an external audit for the issue and expects an update by the end of the year. The company plans to reduce in-hospital commercialization expenses, and suspend trials that it no longer deems core to its business.
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