Pasithea Therapeutics Corp. and Evotec SE Enter into Drug Development Agreement
-- Company contracts leading global drug development company to advance initial drug candidate --
MIAMI BEACH, Fla., Oct. 11, 2021 (GLOBE NEWSWIRE) -- Pasithea Therapeutics Corp. (Nasdaq: KTTA) (“Pasithea” or the “Company”), a biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, today announced the initiation of a new chemical entity (“NCE”) development program and named Evotec as its NCE research partner.
“We are delighted to be working with Evotec, one of the largest and most well-respected drug discovery and development companies in the world, to progress our first compound. This is a significant step on our drug development path to ultimately develop new molecular entities to improve the lives of those suffering with brain disorders. Pasithea aims to advance small molecule therapeutics with a focus on a specific neuroinflammatory pathway implicated in the neurobiology of depression and schizophrenia,” stated Dr. Tiago Reis Marques, Chief Executive Officer of Pasithea Therapeutics.
“Evotec has a proven track record of adding value to its partners’ research by providing innovative and flexible solutions from target compound through to preclinical candidate. This is an important initial step forward for our program, and we believe that Evotec’s high-quality science and scientific execution will expedite and increase the chances of progressing our drug candidate to the clinic,” stated Prof. Lawrence Steinman, Chairman of Pasithea Therapeutics.
“Pasithea is pursuing an exciting approach to target the improvement of mental health,” stated Christophe Muller, PhD, Global Head of Business Development, Evotec SE. “With our fully integrated suite of the highest quality capabilities, Evotec is uniquely equipped to facilitate the discovery and development of innovative programmes to the clinic and beyond. We are delighted to support Pasithea in addressing the very important area of mental health and look forward to working closely with the team to assist them in reaching their goal of tackling brain disorders.”
About Pasithea Therapeutics Corp.
Pasithea Therapeutics Corp. is a biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders. Its biotech operations will focus on developing drugs that target the pathophysiology underlying such disorders, with the goal of developing new pharmacological agents that display significant advantages over conventional therapies with respect to efficacy and tolerability.
The Company’s secondary operations focus on establishing psychiatric clinics in the United Kingdom and in the United States. The Company’s clinic operations will involve providing business support services to healthcare providers who will administer intravenous infusions of ketamine for the treatment of psychiatric conditions, such as treatment-resistant depression and PTSD.
About Evotec SE
Evotec is a life science company with a unique business model that delivers on its mission to discover and develop highly effective therapeutics and make them available to the patients. The Company’s multimodality platform comprises a unique combination of innovative technologies, data and science for the discovery, development, and production of first-in-class and best-in-class pharmaceutical products. Evotec leverages this “Data-driven R&D Autobahn to Cures” for proprietary projects and within a network of partners including all Top 20 Pharma and over 800 biotechnology companies, academic institutions, as well as other healthcare stakeholders. Evotec has strategic activities in a broad range of currently underserved therapeutic areas, including e.g. neurology, oncology, as well as metabolic and infectious diseases. Within these areas of expertise, Evotec aims to create the world-leading co-owned pipeline for innovative therapeutics and has to-date established a portfolio of more than 200 proprietary and co-owned R&D projects from early discovery to clinical development. Evotec operates globally with more than 3,900 highly qualified people. The Company’s 14 sites offer highly synergistic technologies and services and operate as complementary clusters of excellence. For additional information please go to www.evotec.com and follow us on Twitter @Evotec and LinkedIn.
This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to the Company on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the SEC. Thus, actual results could be materially different. The Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this release, except as required by law.
Pasithea Therapeutics Corp. Company Contact
Dr. Tiago Reis Marques
Chief Executive Officer
Pasithea Therapeutics Corp. Investor Relations
Lisa M. Wilson
In-Site Communications, Inc.
Released October 11, 2021