BioXcel Therapeutics Reports Departure of Senior Vice President and Chief Commercial Officer Matthew Wiley

BioXcel Therapeutics, Inc. (NASDAQ: BTAI) recently disclosed the departure of Matthew Wiley, the Senior Vice President and Chief Commercial Officer. The separation, effective October 2, 2024, involved an agreement for Mr. Wiley to transition into a consulting role for a specified period.

Following Mr. Wiley’s departure, BioXcel Therapeutics formalized a Separation Agreement and General Release with him on October 3, 2024. This agreement ensures that Mr. Wiley will receive various severance payments and benefits outlined in his employment contract. These benefits include a pro-rated segment of any 2024 annual bonus, base salary continuation for nine months, and reimbursement for COBRA premium payments over the same period. However, Mr. Wiley’s entitlement to these payments is subject to executing a release of claims in favor of the company.

Subsequently, on October 8, 2024, BioXcel Therapeutics entered into a Consulting Agreement with Commercial Science, LLC, a company managed by Mr. Wiley. This agreement entails Mr. Wiley providing consulting and advisory services to the company at an hourly rate of $330 plus out-of-pocket expenses, until December 31, 2024, unless otherwise terminated earlier as per the agreement terms.

The descriptions of both the Separation Agreement and the Consulting Agreement provided by BioXcel Therapeutics are not exhaustive and are subject to the full agreements on file. The Separation Agreement and the Consulting Agreement have been attached as Exhibits 10.1 and 10.2, respectively, to the Securities and Exchange Commission filing.

BioXcel Therapeutics submitted the required SEC filing with the signatures of the authorized company representative on October 9, 2024, hereby confirming the aforementioned details.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BioXcel Therapeutics’s 8K filing here.

BioXcel Therapeutics Company Profile

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.