Pasithea Therapeutics Corp. - KTTA STOCK NEWS

Camac Partners, LLC and affiliates have called for a Special Meeting of stockholders at Pasithea Therapeutics (NASDAQ: KTTA) to remove the current Board of Directors. They cite a loss of over 80% in stock value since its IPO, attributing this decline to dilutive acquisitions and insider transactions that favor the Board at the expense of shareholders. The stock has plummeted from $5.00 to $0.86 per share, highlighting ineffective management. The Investor Group urges fellow stockholders to act quickly to protect their investments.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has filed a consent revocation statement in response to a solicitation by the Camac Group to call a Special Meeting of Stockholders. The Board unanimously recommends that stockholders reject this effort, viewing it as a self-serving attempt that could undermine the Company's progress and potential value. Pasithea, focused on groundbreaking therapies for psychiatric and neurological disorders, aims to protect stockholder interests and has raised over $55 million since its IPO in September 2021. The company warns that a successful takeover could lead to cash depletion and hinder its development efforts.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) announced a AUD $1 million (U.S. $694,000) grant from FightMND for drug development related to ALS treatments. This funding, part of Pasithea's acquisition of Alpha-5 Integrin, LLC, will support research into monoclonal antibodies targeting the alpha-5/beta-1 integrin. These candidates are aimed at improving outcomes for ALS patients, a disease without a known cure. The grant provides non-dilutive funding that will expedite preclinical testing in mouse models.

The Investor Group, comprising Camac Partners, Concord Investment Partners, and Leonite Capital, has expressed strong opposition to Pasithea Therapeutics Corp.'s recent acquisition of Alpha-5 integrin, which they deem dilutive and reactionary. They highlight a significant decline in Pasithea's stock price, down 79% since its IPO, and a 60% discount to cash on hand. The group intends to withhold votes for the current directors at the upcoming annual meeting and will seek a special meeting to remove the board, citing poor governance and a disregard for shareholders.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) has announced its acquisition of Alpha-5 integrin, LLC, for an enterprise value of $3.75 million, consisting of 3.26 million shares of Pasithea common stock and 1 million warrants. Alpha-5 is developing a novel monoclonal antibody for treating amyotrophic lateral sclerosis (ALS) and other neuroinflammatory disorders. The acquisition enhances Pasithea's pipeline and includes proprietary technology and a skilled scientific team. A webcast will be held on June 22, 2022, to discuss further details.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) announced that CEO Tiago Reis Marques will present at NobleCon18 on April 21, 2022, at 12:30 p.m. ET in Hollywood, FL. The company focuses on developing new treatments for psychiatric and neurological disorders and offers access to IV ketamine infusions for patients with mental illness. This presentation will highlight Pasithea's innovative approaches and commitment to addressing mental health needs.

Pasithea Therapeutics (Nasdaq: KTTA) reports a strong cash balance of $52.9 million, supporting operations into 2024. The company has initiated drug development programs in schizophrenia and multiple sclerosis, partnering with Evotec for new chemical entities and conducting preclinical work at Hooke Labs. Additionally, Pasithea has launched ketamine clinics in the U.K. and U.S., generating revenue. They plan to open new clinics and expand services throughout 2022.

Pasithea Therapeutics (Nasdaq: KTTA) has partnered with The Glimpse Group (Nasdaq: VRAR) to co-develop virtual reality (VR) environments targeting psychiatric disorders. This collaboration aims to enhance treatment methods by employing VR technology, making the therapy experience more immersive for patients and therapists, especially in remote scenarios. The partnership underscores the increasing integration of VR in mental health therapies, which may improve patient outcomes.

Pasithea Therapeutics Corp. (Nasdaq: KTTA) is expanding its presence in London with three new clinics focused on mental health treatments. Each clinic is projected to generate approximately USD$5 million annually in revenue. The clinics will offer services such as pharmacy, ketamine therapy, and repeated transcranial magnetic stimulation (rTMS), enhancing the range of psychiatric treatments available. The initiative is backed by a partnership with ZEN Healthcare and aims to bridge the treatment gap for mental health disorders, leveraging a strong cash position for growth.