Pasithea Therapeutics Stock Jumps Almost 39% Following $60 Million Equity Financing
Stock Performance: Pasithea Therapeutics Corp. (KTTA) experienced a 38.68% increase in stock price, rising to $1.47 after announcing a $60 million public offering.
Public Offering Details: The company will issue 80 million shares at $0.75 each, with net proceeds aimed at supporting the development of its lead drug candidate PAS-004 and funding clinical trials.
Investor Reaction: The announcement led to unusually high trading volume, indicating renewed investor confidence in the company's pipeline.
Financial Outlook: The funding is expected to extend the company's cash runway through at least the first half of 2028, with the stock's 52-week range being approximately $0.45 to $2.40.
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Pasithea Therapeutics Closes $60M Public Offering of 80M Shares
- Successful Financing: Pasithea Therapeutics has completed a public offering of 80 million shares at $0.75 per share, raising approximately $60 million, which enhances the company's financial strength to support future R&D and clinical trials.
- Cash Runway Extension: This financing is expected to extend the company's cash runway through at least the first half of 2028, ensuring ongoing investment in new drug development and clinical trials, thereby enhancing market competitiveness.
- Clear Investment Direction: The company plans to use the proceeds for general corporate purposes, including ongoing research, clinical trials, and acquiring companies that complement its technologies, aiming to accelerate technological development and market expansion.
- Increased Market Confidence: The offering was led by several healthcare-focused investors, indicating strong market confidence in Pasithea's future development, which may attract more investor interest in its subsequent progress.
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