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Highlights
- Pasithea Therapeutics rallied over 28% in pre-market trading on Dec 23.
- Its wholly-owned subsidiary, Pasithea Clinics, has opened its second clinic in London.
- Pasithea opened its first clinic in the UK’s Knightsbridge in Oct 2021.
Shares of Pasithea Therapeutics Corp. (NASDAQ:KTTA) were up more than 28% in pre-market on Thursday after announcing the opening of its second clinic in Marylebone, London.
On Thursday, the California-based company’s wholly-owned subsidiary, Pasithea Clinics, announced that it opened its second clinic in the United Kingdom after a robust response.
Pasithea specializes in intravenous (IV) ketamine therapy for patients suffering from mental health issues and had opened its first clinic in Knightsbridge in October 2021.
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The company develops new, effective treatments for psychiatric and neurological diseases. Its neuroscience and psychopharmacology experts develop new molecular entities to treat psychiatric and neurological diseases.
Announcing the UK expansion, Pasithea CEO Tiago Reis Marques said the company will seek to boost access to the "important therapy" for UK patients. He expressed optimism over the treatment’s broadening coverage to patients requiring urgent aid.
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UK Pasithea Clinics Managing Director, Yassine Bendiabdallah, said its two-decade research has helped discover Ketamine’s effectiveness in improving some of the mental health conditions.
The opening of the Marylebone facility is a step forward in Pasithea’s endeavor to expand its footprint in the UK, Bendiabdallah said in a release.
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Pasithea Therapeutics Corp’s (NASDAQ:KTTA) stock performance, financial highlights
The Pasithea stock was priced at US$1.89 at 7:30 am ET on Dec 23, up 28.57% from its previous close. It has a market cap of US$32.17 million. The stock value fell 58.71% YTD.
The stock’s 52-week highest and lowest prices were US$8.50 and US$1.39, respectively. Its trading volume was 2,425,668 on Wednesday, Dec 22.
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The company reported a net loss of US$1.52 million for the three months ended Sept 30, 2021, compared to a loss of US$13.97 thousand in the comparable quarter of the prior year.
The cash and cash equivalents were US$20.56 million as of Sept 30, 2021, compared to US$243.65 thousand as of Dec 31, 2020.
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Bottomline
The FDA approved Ketamine was introduced about 50 years ago for anesthetic purposes. But recently, it has been repurposed to treat psychiatric disorders. Patients are treated with lower doses of Ketamine. It is seen as a promising treatment for mental health diseases.
