Pasithea Therapeutics Corp Stock Price, News & Analysis

Pasithea Therapeutics Corp. (NASDAQ: KTTA) announced that its Chairman, Prof. Lawrence Steinman, will present results from a preclinical study on their tolerizing vaccine PAS002 for multiple sclerosis at the Immunotherapy 2022 Symposium in Buenos Aires from Oct. 14-17, 2022. Prof. Steinman and Nobel laureate Dr. James Allison will receive honorary doctorates from the University of Buenos Aires. CEO Dr. Tiago Reis Marques expressed excitement about sharing their findings and their commitment to developing effective neurological treatments.

Camac Partners, LLC and affiliates condemn Pasithea's decision to pursue a second dilutive acquisition of AlloMek Therapeutics within six months, disregarding stockholder feedback. The Investor Group, the largest stockholder in Pasithea Therapeutics Corp. (KTTA), emphasizes the need for a Special Meeting to address investor dissatisfaction with the Board's decisions. The group seeks to investigate the recent acquisitions and stresses that these moves do not align with stockholder interests.

Pasithea Therapeutics has acquired AlloMek Therapeutics for $1.05 million in cash, 2.7 million shares, and warrants for an additional 1 million shares. The acquisition aims to enhance Pasithea's CNS product portfolio with CIP-137401, a next-generation MEK inhibitor designed for treating neurofibromatosis type 1 (NF1) and Noonan syndrome. The FDA has granted orphan-drug designation for CIP-137401. An IND application is expected to be filed in the second half of 2023, followed by Phase 1 trials. The acquisition supports long-term growth and potential synergies with existing programs.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has announced that the Camac Group has met the criteria to call a Special Meeting of Stockholders as of September 28, 2022. The company clarifies that previous notifications from the group were invalid. No action is required from stockholders at this time. In its first year, Pasithea has made significant progress in drug development for CNS disorders, achieving positive preclinical results and expanding its scientific team. Further details about the Special Meeting will be provided soon.

Camac Partners, LLC and affiliates, being the largest stockholder of Pasithea Therapeutics Corp. (NASDAQ: KTTA), are urging the company to schedule a Special Meeting for stockholders to vote on removing the current Board of Directors. The group expresses disappointment in the Board's decision-making and lack of engagement, highlighting an 83% decline in stock price since the IPO. They believe that new leadership could enhance corporate governance and capital allocation, ultimately generating long-term shareholder value.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has appointed Alfred J. Novak to its Board of Directors, replacing Dr. Yassine Bendiabdallah, who stepped down on September 14, 2022. Mr. Novak brings over 30 years of experience in life sciences, with a history of significant financial transactions and successful exits, including Dova Pharmaceuticals and Biosense. Chairman Lawrence Steinman expressed enthusiasm for Mr. Novak's contributions toward advancing Pasithea's drug candidates. The company specializes in developing treatments for CNS disorders and providing ketamine infusion services.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has appointed Dr. Merit Cudkowicz to its Scientific Advisory Board, bringing extensive expertise in ALS and neurological diseases. Dr. Cudkowicz, Chief of Neurology at Massachusetts General Hospital, has significantly advanced ALS research and clinical trials. Her collaboration is expected to enhance Pasithea's development of its monoclonal antibody targeting alpha-5/beta-1 integrin, which shows promising preclinical efficacy. Dr. Cudkowicz’s insights are poised to drive innovation in treatment approaches for ALS.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) announced that CEO Dr. Tiago Reis Marques will present virtually at the H.C. Wainwright 24th Annual Global Investment Conference from September 12-14, 2022. The presentation is scheduled for September 12, 2022, at 7:00 AM ET. Attendees can request virtual one-on-one meetings through H.C. Wainwright. A pre-recorded presentation will also be available on the Company’s website. Pasithea focuses on researching treatments for psychiatric and neurological disorders, including IV ketamine infusions for patients in clinical and home settings.

Camac Partners, LLC, along with affiliates of Concord Investment Partners Ltd. and Leonite Capital LLC, have gained support from fellow stockholders of Pasithea Therapeutics Corp. (KTTA) to call a Special Meeting. The Investor Group is pushing for the removal of all current directors to enhance corporate governance and improve capital allocation. The group is prepared to petition the Delaware Court of Chancery if necessary, emphasizing the urgency for change and a commitment to value creation for shareholders.