Pasithea Therapeutics, a preclinical biotech researching drugs for psychiatric and neuro disorders, raised $24 million by offering 4.8 million units at $5, the low end of the range of $5 to $7. The company offered 1.9 million more units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $6.25 (125% of the IPO price). Because the offering contained warrants, Pasithea will be excluded from Renaissance Capital's stats.
Pasithea is focused on the discovery and development of novel drugs for the treatment of psychiatric and neurological disorders. The company does not currently have a lead candidate in development. It plans to discover three lead candidate compounds targeting the immune system's connection to the pathology of certain psychiatric disorders, with a development timeline of 24 months post-IPO. Pasithea has a secondary line of business which aims to establish anti-depression clinics in the UK and US in which medical doctors will administer intravenous ketamine to eligible patients.
Pasithea Therapeutics plans to list on the Nasdaq under the symbol KTTA. EF Hutton acted as sole bookrunner on the deal.
