Pasithea Therapeutics Corp (NASDAQ:KTTA) has announced a new chemical entity (NCE) development program and named Massachusetts-based Hooke Laboratories as its research partner.
The biotechnology company is focused on the research and discovery of treatments for psychiatric and neurological disorders.
Pasithea also provides intravenous (IV) ketamine infusions in clinics and in-home settings.
What Happened: The Company aims to develop a tolerizing vaccine for multiple sclerosis (MS).
Preclinical work will be conducted at Hooke Laboratories, a full-service Contract Research Organization with experimental autoimmune encephalomyelitis, the standard animal model of MS.
Also See: EXCLUSIVE: Pasithea Expands Its Footprint With Second Ketamine Therapy Clinic In UK.
Why It Matters: MS is an autoimmune disease affecting an estimated 2.8 million people worldwide. The immune system attacks myelin, the protective sheath surrounding nerves in the brain and spinal cord.
"Our decision to initiate a program in MS is a strong strategic fit and a natural progression of our work and mission," stated Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics.
Recently, Pasithea Therapeutics' subsidiary, Pasithea Clinics, announced its plans to open a clinic in California, to provide IV ketamine and other therapies to patients suffering from treatment-resistant mental health issues.
The Company will continue offering in-home ketamine therapy through its Los Angeles area at-home mobile clinics.
Price Action: KTTA shares are trading 1.60% lower at $1.23 during the premarket session on the last check Thursday.
