Pasithea Therapeutics Corp. (KTTA) shares rose 4.24% in after-hours on Monday, November 29, 2021, and closed the daily trading at $4.43. Even in the regular trading session of Monday, KTTA’s stock gained 5.99%. The stock volume remained 23.57 million shares. KTTA shares have moved up 79.32% in the past week. The company has a current market of $56.14 million and its outstanding shares stood at 13.21 million.
Let’s see what’s going on with the company?
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Update about the private placement of common stock
On November 29, 2021, Pasithea Therapeutics Corp. (KTTA; KTTAW) closed its previously announced private placement of common stock and warrants priced at a premium to the market under Nasdaq rules. The Company sold an aggregate of 8.68 million shares of common stock and warrants to purchase 8.68 million shares of common stock at a purchase price of $3.50 per share. The company will get gross proceeds of $30.4 million.
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The net proceeds from the offer will be used for funding pre-clinical research and development work for future product candidates, investing in developing its U.S. and UK clinic businesses, and for working capital and general corporate purposes.
KTTA esketamine approved in the UK
On November 23, 2021, Pasithea Clinics, which is a wholly-owned Subsidiary of Pasithea Therapeutics Corp. (KTTA), has been approved to provide esketamine nasal spray (SPRAVATO®) for treatment-resistant depression in adults and has begun offering the treatment in its Knightsbridge, London location. Only three clinics in the U.K. have been accredited to offer this treatment.
KTTA launched in-home intravenous ketamine therapy
On November 17, 2021, Pasithea Therapeutics Corp. (KTTA) announced that its wholly-owned subsidiary, Pasithea Clinics, commenced clinical operations, offering in-home intravenous ketamine therapy to patients suffering from treatment-resistant mental health issues, in the United States.
Ketamine is a U.S. Food and Drug Administration-approved drug which has recently been repurposed for the treatment of psychiatric disorders using significantly lower doses than in anesthesia and is now gaining ground as a promising treatment for mental health disorders.
KTTA new Scientific advisory board
On November 09, 2021, Pasithea Therapeutics Corp. (KTTA) formed its Scientific Advisory Board (SAB) which is to be chaired by a respected psychiatrist, Charles Nemeroff, M.D., PhD.
SAB will provide directions to Pasithea management and support as the Company advances its mission of developing drugs that target the pathophysiology underlying psychiatric and neurological disorders.
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Conclusion
The recent announcement about its private placement could be the catalyst behind its positive performance on Monday and we hope that it will continue to perform well on Tuesday.