SOUTH SAN FRANCISCO, Calif. - Pasithea Therapeutics Corp. (NASDAQ: KTTA), a biotech firm specializing in treatments for central nervous system disorders and cancers, has revealed preclinical data indicating its new drug candidate, PAS-004, demonstrates strong inhibition of NRAS mutant cancer cell lines. This data is scheduled for presentation at the American Society of Clinical Oncology (ASCO) Annual Meeting on Saturday, June 1, 2024.
PAS-004, a macrocyclic MEK inhibitor, is being developed to treat neurofibromatosis type 1 (NF1) and other cancer types. In comparison to existing MEK inhibitors such as selumetinib and binimetinib, PAS-004 showed greater inhibition in NRAS xenograft tumor models. Unlike the plateau observed with current treatments like trametinib, PAS-004 continued to demonstrate increased inhibition across various cell lines.
Dr. Tiago Reis Marques, CEO of Pasithea, expressed optimism about the drug's potency and its potential to offer less frequent dosing, which could improve patient tolerability and compliance. Marques highlighted the balance PAS-004 strikes between pharmacokinetics, pharmacodynamics, and tolerability, making it a promising candidate for treating cutaneous and plexiform NF1 as well as various cancers.
Pasithea believes that PAS-004's macrocyclic structure may lead to a stronger binding, better solubility, and longer half-life, providing a more selective and less off-target effect than acyclic small molecules. The drug is the first macrocyclic MEK inhibitor to enter human clinical trials, with the potential for improved efficacy in NF1 due to an expected extended half-life.
The company asserts that PAS-004 has completed preclinical testing and animal toxicology studies. Moreover, it has received orphan-drug designation from the FDA for the treatment of NF1.
The information presented in this article is based on a press release statement from Pasithea Therapeutics Corp. The company's forward-looking statements are subject to risks and uncertainties, and there is no assurance that the future results will align with these preliminary findings. Pasithea continues to advance its research and development efforts with a focus on bringing innovative treatments to market.
InvestingPro Insights
As Pasithea Therapeutics Corp. (NASDAQ: KTTA) makes strides in the development of its promising drug candidate PAS-004, the financial health of the company remains a point of interest for investors.
According to InvestingPro data, Pasithea holds a market capitalization of $6.67 million, reflecting the small but focused nature of the company within the biotech industry. The firm's Price / Book ratio as of Q1 2024 stands at a modest 0.34, which can indicate that the stock might be undervalued relative to the company's assets.
Despite the innovative potential of PAS-004, InvestingPro Tips suggest that Pasithea faces challenges with liquidity and profitability. The company has been quickly burning through cash and has not been profitable over the last twelve months.
Moreover, it has been noted that Pasithea does not pay a dividend, which may influence the investment strategies of income-focused shareholders. Moreover, the valuation of the company implies a poor free cash flow yield, which could be a concern for those looking at the company's ability to generate cash on an ongoing basis.
On a more positive note, Pasithea's balance sheet indicates that its liquid assets exceed short-term obligations, and it holds more cash than debt, which may provide some financial flexibility as it continues its clinical trials and research activities.
For investors interested in a deeper dive into Pasithea's financials and future prospects, there are additional InvestingPro Tips available at: https://www.investing.com/pro/KTTA. And for a limited time, use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering access to exclusive insights that could further inform investment decisions.
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