Pasithea Therapeutics Awarded a Drug Development Research Grant
14 July 2022 - 10:00PM
Pasithea Therapeutics Corp. (Nasdaq: KTTA) Pasithea Therapeutics
Corp. (Nasdaq: KTTA) (“Pasithea” or the “Company”), a novel
biotechnology company focused on the research and discovery of new
and effective treatments for psychiatric and neurological
disorders, today announced the availability of an AUD $1 million
(U.S. $694,000) drug development research award following the
Company's acquisition of Alpha-5 integrin, LLC (“Alpha-5”). The
grant was awarded by FightMND, the largest independent funder of
amyotrophic lateral sclerosis (“ALS”)/motor neuron disease (“MND”)
research in Australia.
Pasithea is developing a monoclonal antibody
(mAbs) for the treatment of ALS and other neuroinflammatory
disorders. Currently, there is no cure for ALS, and there are no
effective treatments to halt or slow the progression of the
disease. Alpha-5/beta-1 integrin expression is significantly
increased in ALS animal models and post-mortem human ALS and
significantly upregulated with disease progression. Pasithea has
multiple monoclonal antibody candidates against alpha-5/beta-1
integrin. Treatment with these antibodies extends survival and
improves motor function in the SOD1 mice model of ALS.
"With the transfer of this grant, we will have a
source of non-dilutive funds to test our monoclonal antibodies in
the TDP-43 mouse model and progress the candidate toward the
clinic. Ultimately, we aim to help ALS/MND patients who are in dire
need of effective therapy,” stated Dr. Tiago Reis Marques, CEO of
Pasithea.
About Amyotrophic Lateral
Sclerosis
ALS is a progressive neurodegenerative disease
that affects nerve cells in the brain and spinal cord, causing loss
of muscle control. It most commonly affects people between the ages
of 40 and 70, with an average age of 55 at the time of diagnosis.
It affects as many as 30,000 patients in the United States, with
5,000 new cases diagnosed each year. The average life expectancy
after diagnosis is two to five years, but some patients may live
for years or even decades. While 5-10% of cases are hereditary
(familial ALS), the large majority of cases (90-95%) are not
hereditary (Sporadic ALS). The cause of ALS is not completely
understood and multiple complex factors may contribute to the death
of motor neurons. Currently there is no known cure or treatment
that halts or reverses the progression of ALS, and FDA only
approved 2 medications so far for the treatment of this disorder,
both shown to modestly slow the progression of ALS.
About FightMND
Founded in 2014, FightMND was established in
Australia with the purpose of finding effective treatments and
ultimately a cure for Motor Neuron Disease (MND), also referred to
as ALS or Lou Gehrig's Disease. FightMND, with its vision of a
world without MND, is the largest independent funder of MND
research in Australia. What FightMND has done since 2014, is be the
voice and the guiding star for Australians who want to fight "The
Beast". Integral to this vision is the determination to help
facilitate the translation of the growing body of new knowledge
about the disease into a cure for MND patients in Australia and
abroad. For more information about FightMND, visit the website
at https://fightmnd.org.au.
About Pasithea Therapeutics
Corp.
Pasithea Therapeutics Corporation is a U.S.
biotechnology company focused on the research and discovery of new
and effective treatments for psychiatric and neurological
disorders. With an experienced team of experts in the fields of
neuroscience and psychopharmacology, Pasithea is developing new
molecular entities for the treatment of psychiatric and
neurological disorders. Pasithea is also focused on addressing the
needs of patients currently suffering with mental illness by
providing access to IV ketamine infusions both in clinics and
in-home settings.
Forward Looking Statements
This press release contains statements that
constitute “forward-looking statements.” Forward-looking statements
are subject to numerous conditions, many of which are beyond the
control of the Company. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to the Company on the date of this
release. These forward-looking statements are based upon current
estimates and assumptions and are subject to various risks and
uncertainties, including, without limitation, those set forth in
the Company’s filings with the SEC. Thus, actual results could be
materially different. The Company undertakes no obligation to
update these statements whether as a result of new information,
future events or otherwise, after the date of this release, except
as required by law.
Pasithea Therapeutics Corp. Company
Contact
Dr. Tiago Reis MarquesChief Executive OfficerE:
tiago@pasithea.com
Pasithea Therapeutics Corp. Investor
Relations
Lisa M. WilsonIn-Site Communications, Inc.T:
212-452-2793E: lwilson@insitecony.com
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