Pasithea Therapeutics Shares Surge Nearly 39% After $60 Mln Equity Raise

(RTTNews) - Pasithea Therapeutics Corp. (KTTA) gained 38.68%, rising $0.41 to $1.47, after the company announced it priced a $60 million public offering, issuing 80 million shares (or equivalent pre-funded warrants) at $0.75 per share.

The company said the net proceeds will support ongoing development of its lead drug candidate PAS-004, fund clinical trials and other corporate activities, and extend its cash runway through at least the first half of 2028.

On the day of the announcement, KTTA saw unusually heavy trading volume as investors reacted to the financing deal and renewed confidence in its pipeline. The stock's 52-week range is approximately $0.45 - $2.40.