Pasithea Therapeutics Corp. (KTTA) saw a 38.68% increase in its stock price, reaching $1.47, following the announcement of a $60 million public offering. The offering consists of 80 million shares at $0.75 per share, aimed at supporting the development of its lead drug candidate, PAS-004, and funding clinical trials. The company expects the proceeds to extend its cash runway through at least the first half of 2028. Investors reacted positively to the news, resulting in heavy trading volume. KTTA’s stock price has fluctuated between $0.45 and $2.40 in the past year.

Read more at Nasdaq.: Pasithea Therapeutics Shares Surge Nearly 39% After $60 Mln Equity Raise