Pasithea Therapeutics Corp., a publicly traded biotechnology company in Florida focused on research and development for central nervous system disorders, has acquired Woodbridge-based AlloMek Therapeutics LLC.
The purchase expands Pasithea Therapeutics’ pipeline of central nervous system-focused drug development, the Miami Beach-based company said.
AlloMek Therapeutics is a privately held biotechnology company with offices in Woodbridge and Palo Alto, California focused on developing medications for treating rare diseases.
Dr. Tiago Reis Marques, CEO of Pasithea, said the sale positions the company for long-term growth.
AlloMek has developed a drug, known as CIP-137401, which shows the potential to treat Noonan Syndrome and a variety of cancers.
Pasithea plans to file an application with the Food and Drug Administration in 2023 and to initiate a Phase I clinical trial.
Pasithea acquired all of the issued and outstanding equity interests in AlloMek in exchange for a $1.05 million upfront cash payment and the issuance of 2.7 million shares of restricted common stock, plus five-year warrants to acquire 1 million shares of common stock at an exercise price of $1.88 per share.Â
