KTTA stock ripped 6% higher in pre-market trading on December 23, 2021, after the company announced it was opening a second ketamine therapy clinic in the UK.
Pasithea Therapeutics Opens Second Ketamine Therapy Clinic in the United Kingdom
On December 21, 2021, 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, today announced that its wholly-owned subsidiary, Pasithea Clinics, has opened its second London clinic in Marylebone offering intravenous (“IV”) ketamine therapy to patients suffering from treatment-resistant mental health issues. The Company opened its first U.K. clinic in Knightsbridge in October 2021.
“Through our second London clinic, we are pleased to increase access to this important therapy for patients in the U.K. with treatment-resistant mental health disorders,” stated Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics. “More than ever, new treatment therapies are urgently needed for these patients and by broadening our coverage, we can work to close the treatment gap.”
“Two decades of research supports the efficacy of ketamine in improving symptoms experienced in some mental health disorders. With the opening of our Marylebone location, we are expanding our footprint in the U.K. and will continue to work toward bringing this treatment option to patients nationwide,” said Dr. Yassine Bendiabdallah, Managing Director of Pasithea Clinics in the U.K.
Ketamine is a U.S. Food and Drug Administration (“FDA”) approved drug introduced to the medical community as an anesthetic more than 50 years ago. It has recently been repurposed for the treatment of psychiatric disorders using significantly lower doses than in anesthesia and is gaining ground as a promising treatment for mental health disorders. In certain psychiatric conditions, such as treatment-resistant depression (“TRD”) and post-traumatic stress disorder (“PTSD”), it has shown remarkable efficacy and a rapid and sustained effect.
Major Depression is the leading cause of long-term disability worldwide, according to the World Health Organization, with existing treatments having limited success rates, numerous side effects and onset of action delayed by several weeks. Studies have shown that up to 70% of those who receive IV ketamine treatment can eventually show a clinical response. While the number of treatments suggested is done on a case-by-case basis, a typical treatment plan consists of up to six infusions in the interval of two to three weeks.
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.
Pasithea Therapeutics expands mobile clinics into Florida, Nevada
On December 1, 2021, Pasithea Therapeutics announced that Pasithea Clinics, its wholly owned subsidiary, has expanded the availability of its intravenous, IV, ketamine therapy to patients in Florida and Nevada. Ketamine was introduced to the medical community as an anesthetic more than 50 years ago and in sub-anesthetic doses has shown remarkable efficacy in the treatment of certain psychiatric conditions, such as treatment-resistant depression and post-traumatic stress disorder.
“In November, we opened our first U.S. mobile clinics in New York and California, and we’re pleased to announce that our in-home IV ketamine infusion therapy is now available in Nevada and Florida,” said Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics. “The pandemic has exacerbated the mental health crisis and the number of patients suffering from depression increased by approximately 25% in the past year. Today, up to three million Americans are known to have a diagnosis of treatment-resistant depression. These patients often struggle to complete day-to-day activities, and the effort required to visit a physical clinic can feel overwhelming. By expanding access to in-home treatment, we aim to close the treatment gap. Initially, the treatment will be offered in Miami and Las Vegas and will expand to other cities in these states in the coming weeks. Pasithea mobile clinics are already available in New York City, Los Angeles, San Diego, and San Francisco.”
Pasithea Therapeutics Harnessing Ketamine for Psychiatric Treatment of Depression
A new biotech company is partnering with I.V. Doc® to bring in-home psychiatric ketamine treatments for depression across the US. Designed to aid with treatment-resistant depression, this new medical remedy has shown great potential in alleviating symptoms for those who have previously been unresponsive to medications. With this partnership, Pasithea Therapeutics will also gain valuable knowledge and research as it works to develop new medical treatments for chronic mental health ailments.
Their at-home ketamine treatments will take place over a three-part program. Users will participate in a video consultation with a team psychiatrist to help better understand their needs, and develop a plan. Treatment plans include six doses of ketamine intravenously over the course of two to three weeks. After treatment, a psychiatrist will work with each patient to evaluate their current mental state and discuss the overall effectiveness of their treatment.
Pasithea Therapeutics is led by Co-Founder and Executive Chairman Professor Lawrence Steinman, who is currently the George A Zimmermann Endowed Chair in the Neurology Department at Stanford University. He is aided by CEO and head-researcher Dr. Tiago Reis Marques of King’s College London, COO Dr. Yassine Bendiabdallah, Managing Director of UK Clinics Mr. Hassan Almuaathen, and Managing Director of US Clinics Dr. Adam Nadelson.
With Pasithea Therapeutics, this team will not only work to deliver psychiatric ketamine treatments for depression but will also be gathering research and data to be used for developing new medicinal solutions for chronic depression. Marques and his team of researchers will work with this on-the-ground expertise to understand why certain patients may struggle with some mental health remedies, and work to create solutions that work for them. The company is committed to ketamine as a remedy and will work to make these treatments more broadly available across the US and UK.
📺 VIDEO Pasithea Therapeutics Corp launches its mobile, in-home, anti-depression clinics in the US and UK[embedyt] https://www.youtube.com/watch?v=ozTJfHn17rI[/embedyt]
📈 KTTA Stock Technical Analysis
The long-term trend is neutral, but the short-term trend is negative. KTTA is currently trading near the lower end of its 52-week range while the S&P 500 Index is trading near new 52 week highs at the moment. The technical rating of KTTA is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when KTTA stock is a good entry.