On heels of psych drug ap­proval, BioX­cel dives head first in­to on­col­o­gy R&D with new cash in­fu­sion

Two weeks af­ter New Haven, CT biotech BioX­cel Ther­a­peu­tics won FDA ap­proval for the psy­chi­atric drug Igal­mi, the biotech is mak­ing a ma­jor new move: piv­ot­ing its fo­cus to com­mer­cial­iza­tion and spin­ning out much of the rest of its pipeline in­to a new com­pa­ny.

The biotech an­nounced ear­ly Tues­day that they have en­tered in­to strate­gic fi­nanc­ing agree­ments with funds man­aged by two firms: Oak­tree Cap­i­tal Man­age­ment and Qatar’s sov­er­eign wealth fund, Qatar In­vest­ment Au­thor­i­ty. Com­bined, the two funds will net BioX­cel up to $260 mil­lion.

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