Pasithea Therapeutics Secures $5 Million Through Stock Offering
Pasithea Therapeutics Secures $5 Million Through Stock Offering
Pasithea Therapeutics Corp. (NASDAQ: KTTA) has made an exciting announcement about its recent financial maneuver. The company, known for its innovative work in the biotechnology sector, has successfully entered into definitive agreements to conduct a primary stock offering. This move involves the sale of an aggregate of 1,219,513 shares of its common stock, alongside pre-funded warrants and accompanying Series A and Series B warrants. The purchase price is set at $4.10 per share, which is aligned with the current market conditions.
Details of the Stock Offering
Warrants and Importance
Each Series A warrant allows investors to purchase additional shares at an exercise price of $3.85, which can be executed immediately after issuance. The Series A warrants will last five years, while the Series B warrants will have an 18-month term, providing significant flexibility for investors. This strategic offering is expected to raise approximately $5 million in gross proceeds before making necessary deductions for fees and expenses related to the offering.
The Role of the Placement Agent
H.C. Wainwright & Co. has been appointed as the exclusive placement agent for this offering. Their expertise is integral to helping Pasithea navigate the complexities of the private placement market and secure the necessary funds to further its research initiatives.
Use of Proceeds from the Offering
Pasithea plans to allocate the net proceeds from this offering towards working capital and other corporate purposes. This financial boost will assist the company in advancing its promising pipelines, specifically PAS-004, a macrocyclic MEK inhibitor aimed at treating neurofibromatosis type 1 and other cancers.
About Pasithea Therapeutics Corp.
Pasithea is a pioneering biotechnology firm that focuses on the discovery and development of innovative therapies for central nervous system disorders and RASopathies. The company is driven by a skilled team with expertise in neuroscience, drug development, and translational medicine. They are committed to advancing treatments for serious conditions like Neurofibromatosis type 1, Solid Tumors, and Amyotrophic Lateral Sclerosis (ALS).
Frequently Asked Questions
What is the purpose of Pasithea’s $5 million stock offering?
The funds from the stock offering will primarily be used for working capital and advancing the company's research initiatives.
What are the terms of the Series A and B warrants?
Series A warrants have an exercise price of $3.85 and last five years, while Series B warrants have an 18-month term.
Where can I find more information about Pasithea’s treatments?
More details can be found on Pasithea's official website or through their corporate communications department.
Who is managing Pasithea’s stock offering?
H.C. Wainwright & Co. has been appointed as the exclusive placement agent for this stock offering.
What does the company’s future look like?
With the recent funding, Pasithea aims to further its clinical development of PAS-004 and other pipelines, enhancing its potential for growth and success in the biotech field.
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