6 august biotech company Pasithea Therapeutics, investigating drugs for the treatment of psychiatric and nervous disorders, in the preclinical stage of research, announced the terms of the upcoming IPO.
Biotechnology company Pasithea Therapeutics announces IPO terms
Miami Beach company, Florida, plans to attract 17 million dollars, releasing 2,9 mln shares and orders at a price of 5 to 7 dollars. Orders are subject to redemption by 125% from the IPO price. Taking into account the average price of the stated range, the market value of Pasithea Therapeutics will be 67 million dollars.
Pasithea specializes in the discovery and development of new drugs for the treatment of psychiatric and neurological disorders. The company does not currently have a leading candidate drug in development.. During 24 months after the IPO, the company expects to find three leading candidate compounds, aimed at linking the immune system to certain mental disorders. An additional activity of Pasithea is the opening of clinics for the treatment of depression in the UK and USA, where doctors will administer ketamine intravenously to patients when indicated.
Pasithea Therapeutics was founded in 2020 year and plans to list on the stock exchange Nasdaq under the ticker KTTA. EF Hutton became the sole organizer of the share issue.