Pasithea Therapeutics (NASDAQ:KTTA) stock is rocketing higher on Tuesday after adding esketamine nasal spray to its U.K. offerings.
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The company is offering the esketamine nasal spray through its subsidiary, Pasithea Clinics. This spray is under the Spravato name. The nasal spray is treats patients suffering from depression in adults that have been resistant to other treatments.
Pasithea Therapeutics notes that it’s offering the nasal spray at its Knightsbridge, London location. The company also points out that only three locations in the U.K. have been approved to offer this treatment.
Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics, said the following in the news release boosting KTTA stock up today.
“Major Depression is the leading cause of long-term disability worldwide. Current treatments have limited success and up to 30% of patients with depression do not respond to consecutive trials of antidepressant treatment. These patients are considered to have treatment-resistant depression and new treatment options are urgently needed.”
Pasithea Therapeutics notes that esketamine is safe and effective to use. However, due to certain risks, only certain locations can offer it. That’s why it’s such a milestone that it’s adding the nasal spray to one of its clinics.
Of course, we’re seeing heavy trading of KTTA stock on today’s news. This has some 128 million shares of the stock changing hands as of this writing. That’s a massive surge over its daily average trading volume of about 512,000 shares.
KTTA stock is up 221.8% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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