Pasithea acquires Alpha-5 integrin in $3.75M stock-and-warrant deal for ALS/neurology pipeline

Pasithea Therapeutics Corp.

Pasithea acquires all equity of Alpha-5; total consideration: 3,260,870 shares of KTTA common stock at $1.15/share (11% premium to June 21 close) plus 1M warrants at $1.88 exercise price for 5 years.
Alpha-5 holds preclinical-stage anti-alpha-5 integrin mAb targeting ALS, MS, and other neuroinflammatory disorders; IND filing expected by end of 2023.
Contingent earn-out of 2%–4% of net sales from Alpha-5's drug candidate if commercialized.
Lawrence Steinman, Pasithea's Chairman and co-founder and minority Alpha-5 owner, recused from vote; deal approved by disinterested directors.
Paul B. Manning (Alpha-5 majority owner) will own approximately 10% of Pasithea post-closing.

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