Pasithea Therapeutics Announces Financial and Business Results for the Fourth Quarter and Full Year 2021 and Business Update for 2022
March 30 2022 - 3:15PM
Pasithea Therapeutics Corp. (Nasdaq: KTTA) (“Pasithea” or the
“Company”), a novel biotechnology company focused on the research
and discovery of new and effective treatments for psychiatric and
neurological disorders, is pleased to provide a business update and
summary of key accomplishments since its Initial Public Offering
(“IPO”) in September 2021.
“Pasithea was founded to improve treatment
options for those affected by psychiatric and neurological
disorders. From the start, our primary focus has been the creation
of an innovative drug development pipeline, with a complementary
goal of establishing a network of specialty clinics to provide
mental health treatments to patients in the U.K. and U.S. I’m
pleased to report that in the six months since our IPO, we’ve
achieved our milestones. This is expected to be a transformational
year for Pasithea and I look forward to continued growth and
executing on our business strategy in 2022 and beyond,” said Dr.
Tiago Reis Marques, CEO of Pasithea Therapeutics.
Key Financial and Business
Highlights:
-
Well capitalized with year-end 2021 cash position of $52.9 million.
With our current budget the Company expects current cash to fund
operations well into 2024;
-
Initiated a new chemical entity (“NCE”) program in schizophrenia in
partnership with Evotec, one of the largest and most
well-respected drug discovery and development companies;
-
Initiated the development of a tolerizing vaccine for multiple
sclerosis (“MS”), with preclinical work currently being conducted
at Hooke Labs, Massachusetts;
-
Established a Scientific Advisory Board with renowned thought
leaders, including esteemed psychiatrist Dr. Charles B. Nemeroff
and preeminent scientist Dr. Daniel Weinberger;
-
Opened two clinics in the U.K. offering both intravenous ketamine
treatment as well as esketamine nasal spray (SPRAVATO®), started to
generate revenues;
- Established
operations for an at-home ketamine treatment model in several US
states including California, New York, Florida, and Nevada, and
currently in the early stages of launching marketing and client
acquisition strategies to increase adoption.
Anticipated 2022 Milestones and Priorities:
-
Evaluate potential central nervous system (“CNS”) therapeutic
candidate programs to expand pipeline in 2022;
-
Complete initial preclinical work on the tolerizing vaccine for MS
in Q2 2022;
-
Open first physical clinic in the Los Angeles area in Q2 2022,
broadening business beyond ketamine treatments to include repeated
transcranial magnetic stimulation (“rTMS”);
-
Open two additional physical clinics in London, broadening business
beyond ketamine treatments to include rTMS and pharmacy
service;
- Launch of
ketamine clinic affiliate program. Expand services and start
operations in other major US states.
About Pasithea Therapeutics
Corp.Pasithea Therapeutics Corporation is a U.S.
biotechnology company focused on the research and discovery of new
and effective treatments for psychiatric and neurological
disorders. With an experienced team of experts in the fields of
neuroscience and psychopharmacology, Pasithea is developing new
molecular entities for the treatment of psychiatric and
neurological disorders. Pasithea is also focused on addressing the
needs of patients currently suffering with mental illness by
providing access to IV ketamine infusions both in clinics and
in-home settings.
Forward Looking StatementsThis
press release contains statements that constitute “forward-looking
statements.” Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company.
While the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to the Company on the date of this release. These
forward-looking statements are based upon current estimates and
assumptions and are subject to various risks and uncertainties,
including, without limitation, those set forth in the Company’s
filings with the SEC. Thus, actual results could be materially
different. The Company undertakes no obligation to update these
statements whether as a result of new information, future events or
otherwise, after the date of this release, except as required by
law.
Pasithea Therapeutics Corp. Company
ContactDr. Tiago Reis MarquesChief Executive OfficerE:
tiago@pasithea.com
Pasithea Therapeutics Corp. Investor
RelationsLisa M. WilsonIn-Site Communications, Inc.T:
212-452-2793E: lwilson@insitecony.com
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