Pasithea Therapeutics jumps after $60 million public offering announcement

Shares of clinical-stage biopharmaceutical company Pasithea Therapeutics KTTA.O rise almost 60% to $1.69

KTTA is raising $60 million through a public offering of 80 million shares of its common stock at 75 cents per share compared to its previous close of $1.06

Company says this funding will allow it to operate through at least H1 2028

The public offering was led by healthcare-dedicated investors, including Vivo Capital, Janus Henderson Investors and Coastlands Capital

KTTA is securing long-term funding to advance its ongoing research and clinical trials for PAS-004 for cancer treatment along with potential acquisitions or licensing deals

Including session's moves, KTTA stock is down ~46.2% YTD