Pasithea Therapeutics Corp Stock Price, News & Analysis

Pasithea Therapeutics Corp. (NASDAQ: KTTA) announced a partnership with WuXi STA to manufacture the active pharmaceutical ingredient for its MEK Inhibitor PAS-004, targeting Neurofibromatosis Type 1 (NF1). This collaboration is pivotal as the company aims to submit its Investigational New Drug (IND) application to the FDA in the second half of 2023, following successful pre-clinical testing. PAS-004 has received orphan drug designation and is expected to commence a Phase 1 clinical trial soon. WuXi STA is recognized for meeting rigorous global quality standards, reinforcing the development of PAS-004 into a promising therapeutic option for CNS disorders.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) announced the results of its Special Meeting of Stockholders held on December 9, 2022. Approximately 67% of stockholders voted against proposals to remove the current Board of Directors, representing about 12.7 million shares or 44% of total shares. This decision allows the current Board to continue overseeing the company's strategy. CEO Dr. Tiago Reis Marques expressed gratitude for stockholder support and commitment to developing innovative treatments for CNS disorders, including ALS and Multiple Sclerosis.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has reached a Settlement and Cooperation Agreement with the Camac Group, resolving all litigation issues. The Camac Group will observe a three-year standstill and has agreed to sell 3,205,282 shares of common stock at $1.0003 each, reflecting the five-day average price. Pasithea will also reimburse certain expenses. CEO Tiago Reis Marques expressed optimism about this agreement, stating it allows the company to focus on advancing its CNS therapies. The Board of Directors will continue overseeing the company's strategy following a recent Special Meeting.

Pasithea Therapeutics (NASDAQ: KTTA) has announced its preclinical data for PAS-003, a monoclonal antibody targeting Alpha 5 Beta 1 integrin as a potential treatment for amyotrophic lateral sclerosis (ALS) and related CNS disorders. The presentation will occur on December 7th at the Antibody Engineering & Therapeutics Conference in San Diego, by Dr. Lawrence Steinman, Chairman of Pasithea. PAS-003 has demonstrated significant improvements in SOD1 mouse models, indicating its promise in improving clinical outcomes for ALS patients.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has postponed its Special Stockholder Meeting from November 29, 2022, to December 9, 2022, at 9:00 am ET. This decision allows more time for stockholder voting proxies. The meeting will still address the proposals submitted by a Dissident Group, which includes several investment firms and individuals. The record date remains November 9, 2022. Pasithea is focused on innovative treatments for CNS disorders, including ALS and Multiple Sclerosis, leveraging its expertise in neuroscience.

Camac Partners and affiliates, the largest external stockholder of Pasithea Therapeutics Corp. (NASDAQ: KTTA), are advocating for the removal of the Company’s Board of Directors. This call to action comes ahead of the Special Meeting scheduled for November 29. The Investor Group criticizes the Board for its management decisions and perceived disenfranchisement of stockholders, urging fellow investors to support their proposals using the WHITE proxy card.

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.