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Pasithea Therapeutics Acquires Alpha-5 Integrin for ~$3.75M to Treat ALS and Other Neurological Diseases

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Pasithea Therapeutics Acquires Alpha-5 Integrin for ~$3.75M to Treat ALS and Other Neurological Diseases

Pasithea Therapeutics Acquires Alpha-5 Integrin for ~$3.75M to Treat ALS and Other Neurological Diseases

Shots:

  • Pasithea acquired all of the outstanding equity interests in Alpha-5 at an enterprise value of $3.75M in exchange for 3.26M shares of Pasithea common stock at $1.15/share for a period of 5yrs. representing an 11% premium to the closing price on Jun 2022 along with 1M warrants, earn-out fees of 2% to 4%
  • The acquisition expands the pipeline across Pasithea's therapeutic areas to drive enhanced growth & includes Alpha-5 Abs with novel intellectual property. Pasithea plans to file an Alpha-5’s IND with an ODD at the end of 2023
  • In the post-mortem studies, Alpha-5 showed an improvement in behavior and survival in the SOD1 mouse model & possesses a novel MoA to enhance clinical outcomes in ALS patient

Ref: Globenewswire | Image: Pasithea 

Click here to­ read the full press release 

Neha

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.

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