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 

Category: News