Pasithea Therapeutics, a biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, filed its registration statement on Form S-1 for a proposed $24.0 million IPO.
On Wednesday, the company announced the pricing of its initial public offering of 4.8 million units, with each unit consisting of one share of common stock, at a public offering price of $5.00 per Unit.
Why It Matters
“Today’s announcement is a monumental achievement for Pasithea. Our successful IPO is testament to our work as a biotech company paving the way for new solutions to address how we treat mental health disorders,” Dr. Tiago Reis Marques, CEO and director of Pasithea Therapeutics Corp told Benzinga.
“Pasithea is on a mission to become a global leader in the development of novel central nervous system drugs to solve psychiatric and neurological disorders. This IPO recognises this commitment – through this, we aim to be at the forefront of drug development and to transform patient access to evidence-based innovation in mental health.”
The Pasithea Therapeutics team believes that the current treatments for psychiatric disorders are inadequate and that conventional medicines have low success rates in long-term treatment.
Their strategy lies in the research of new drugs with novel mechanisms targeting the underlying pathology of mental health illness.
The complementary goal of the company is to provide immediate access to new treatments for disorders such as Treatment-Resistant Depression and Post Traumatic Stress Disorder using ketamine infusions, both in the U.S. and in the U.K.
Research will be conducted under the leadership of Professor Lawrence Steinman, a renowned neurologist and immunologist based at Stanford University, and Dr. Tiago Reis Marques, a leading psychiatrist and neuroscientist at Imperial College and King’s College London.
The IPO underscores growing investor interest in biotechnology and its applications to mental health – in particular illnesses affecting the brain.
“As the COVID-19 pandemic and resulting economic recession has led to an increase in the number of adults suffering depression, while conditions including PTSD, OCD and anxiety disorders are expected to increase in precedence over the coming decades, the need for novel mental health treatments is more relevant than ever,” Dr. Reis Marques concluded.
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