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Biopharma companies are relying more and more on artificial intelligence and machine learning (AI/ML) to help them uncover the intricacies of disease mechanisms and open up strategies to develop novel medicines for treatment. As a result, the BioWorld Artificial Intelligence price-weighted index, which includes biopharmaceutical companies, medical devices and health care services companies, has climbed in value and is currently up almost 37% year-to-date. (See BioWorld Artificial Intelligence index, below.)Driving the index
Fueling the index has been biopharmaceutical company Bioxcel Therapeutics Inc., of New Haven, Conn., which is utilizing artificial intelligence to identify improved therapies in neuroscience and immuno-oncology. Its shares (NASDAQ:BTAI) have been on a tear so far this year, gaining a whopping 229%, catalyzed by significant clinical progress in its product pipeline.
In July, the company reported that it had initiated an expanded access program at Massachusetts General Hospital (MGH) to provide its alpha 2A adrenoceptor agonist, BXCL-501, a sublingual thin-film formulation of dexmedetomidine, to individuals diagnosed with COVID-19 who are critically ill in the intensive care unit and may require calming or arousable sedation.
In a research report, Guggenheim Partners analyst Yatin Suneja wrote, “We think this program could further accelerate development of ‘501.” One of …
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