Pasithea Therapeutics Corp. (NASDAQ: KTTA) is engaged as a U.S.-based biotechnology company, which is focused on the research, development and testing of new and novel treatments for psychiatric and neurological disorders. Shares of the biotech company are skyrocketing 242% through early trading on Tuesday, November 23, 2021. Over the past three months, Pasithea Therapeutics has seen average daily volume of 512,540 shares. However, volume of 106.04 million shares or dollar volume of around $841.96 million, has already exchanged hands through early trading Tuesday.
Shares of Pasithea Therapeutics are soaring after the company announced that its wholly-owned subsidiary, Pasithea Clinics, has received approval to carry esketamine nasal spray (SPRAVATO) at its U.K.-based clinics. Treatments have already begun at the company’s Knightsbridge, London location. Overall, Pasithea Clinics holds only one of three approvals to offer esketamine in the country.
SPRAVATO is a nasal spray that is non-selective, non-competitive antagonist of the N-methyl-D-aspartate (NMDA) receptor. This means the esketamine nasal spray works differently than other treatments for MDD. The treatment is already approved in the United States to treat major depressive disorder (MDD) and treatment-resistant depression (TRD). SPRAVATO has been submitted for review and potential approval to other health authorities around the world.
“This is an important milestone for our U.K. clinics and their patients,” stated Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics. “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.”
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