Pasithea Therapeutics Completes $60 Million Stock Offering Deal

Pasithea Therapeutics Finalizes $60 Million Public Offering

Pasithea Therapeutics Corp. (“Pasithea” or the “Company”) (Nasdaq: KTTA; KTTAW), a leading clinical-stage biotechnology firm focused on innovative treatments for serious health conditions, has recently closed a public offering of common stock. This successful endeavor has raised approximately $60 million in gross proceeds, allowing Pasithea to advance its development projects, particularly its promising drug candidate, PAS-004.

Funding to Support Clinical Development

The funds raised will be instrumental in extending the Company's cash runway through at least the first half of 2028. This strategic financial boost will support ongoing research endeavors, pre-clinical studies, and clinical trials that are crucial for the development of next-generation therapeutics.

Overview of PAS-004

PAS-004, Pasithea's lead drug candidate, is a next-generation macrocyclic MEK inhibitor designed to treat neurofibromatosis type 1-associated plexiform neurofibromas (NF1-PN). The Company is currently undertaking multiple clinical trials to evaluate the drug's efficacy and safety profile in patients with advanced cancer and specific RASopathies.

Investment and Development Strategy

Pasithea's recent offering has attracted significant interest from healthcare-focused investors, including prominent firms such as Vivo Capital and Janus Henderson Investors. This strong backing not only validates Pasithea's innovative approach but also enhances its strategic capabilities to explore synergistic opportunities and potential acquisitions.

Use of Proceeds

Proceeds from the offering will be allocated to various corporate initiatives. This includes funding clinical trials, pursuing novel biological and pharmaceutical technologies, and engaging in licensing activities related to current and future product candidates. These efforts are designed to position the Company strongly in the competitive biopharmaceutical market.

Leadership in Biotechnology

With H.C. Wainwright & Co. acting as the exclusive placement agent for the offering, Pasithea has established itself as a key player in the biotechnology field. The Company is dedicated to overcoming hurdles in drug development and is committed to addressing unmet medical needs in oncology and genetic disorders.

Future Outlook

Pasithea Therapeutics is poised for significant growth as it advances its promising drug candidate through clinical trials. As the demand for innovative therapies rises, the Company stands to leverage this opportunity, significantly impacting the treatment landscape for patients dealing with complex health conditions.

Contact Information

To learn more about Pasithea Therapeutics and its initiatives, interested parties can reach out to the Company's Corporate Communications representative, Patrick Gaynes, via email at pgaynes@pasithea.com.

Frequently Asked Questions

What is Pasithea Therapeutics known for?

Pasithea Therapeutics is a biotechnology company focused on developing innovative therapies, particularly PAS-004 for treating NF1-PN and advanced cancers.

How much money did Pasithea raise through the public offering?

Pasithea raised approximately $60 million through its recent public offering of common stock.

What will the funds be used for?

The funds raised will be used for ongoing clinical trials, research and development of new technologies, and general corporate purposes.

Who led the recent public offering for Pasithea?

The offering was led by several healthcare-dedicated investors, including Vivo Capital and Janus Henderson Investors.

What is the significance of PAS-004?

PAS-004 represents a next-generation treatment option for patients with neurofibromatosis and advanced cancers, aiming to provide better therapeutic outcomes.

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