Pasithea Therapeutics Acquires AlloMek Therapeutics and Expands CNS-Focused Drug Development Pipeline
Shots:
- Pasithea acquired all issued & outstanding equity interests in AlloMek where AlloMek will receive $1.05M up front, 2.7M shares of restricted common stock par value $0.0001/share, 5yr. warrants to acquire 1M shares of common stock at an exercise price of $1.88/share, ~$5M milestones along with royalties of 3% to 5%. The transaction is expected to close on Oct 11, 2022
- The acquisition advances the CNS product portfolio with the addition of AlloMEK's CIP-137401. In a mouse model, IP-137401 was effective in controlling cardiac fibrosis, potent in reducing tissue ERK activity in vivo & was well-tolerated
- The IND application of CIP-137401 is expected to be submitted to the US FDA in H2’23 to initiate the P-I trial in the US for NF1
Ref:Globenewswire | Image: Pasithea Therapeutics
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Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
