Pasithea Therapeutics (KTTA) Stock: Why The Price Jumped Today

By Amit Chowdhry ● Nov 24, 2021
  • The stock price of Pasithea Therapeutics Corp (NASDAQ: KTTA) increased by over 25% pre-market today. This is why it happened.

The stock price of Pasithea Therapeutics Corp (NASDAQ: KTTA) – a novel biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders – increased by over 25% pre-market today. This is a continuation of momentum as the company stock price increased 153.39% yesterday.

Investors are responding positively to Pasithea Therapeutics announcing that its wholly owned subsidiary Pasithea Clinics has been approved to provide esketamine nasal spray (SPRAVATO) for treatment-resistant depression in adults, and has begun offering the treatment in its Knightsbridge, London location. Only 3 clinics in the U.K. have been accredited to offer this treatment.

KEY QUOTES:

“This is an important milestone for our U.K. clinics and their patients. Major Depression is the leading cause of long-term disability worldwide. Current treatments have limited success and up to 30% of patients with depression do not respond to consecutive trials of antidepressant treatment. These patients are considered to have treatment-resistant depression and new treatment options are urgently needed.”

— Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics

“Esketamine is safe and effective, especially when combined with ongoing psychiatric support. Due to some risks associated with this drug, patients treated in outpatient settings must be enrolled in a specific program. We are extremely proud to have been accredited to provide this treatment, a reflection of our high standards of care.”

— Dr. Yassine Bendiabdallah, Managing Director of Pasithea Clinics in the U.K.

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