Pasithea Therapeutics (KTTA) said Thursday that interim data from a phase 1 study showed that its experimental drug, PAS-004, was effective and safe in treating neurofibromatosis type 1 and other cancer indications.

The company said PAS-004's long half-life of about 70 hours enables once-daily or less frequent oral dosing compared with previous versions of the drug, which required twice-daily dosing and exhibited short half-lives.

Pasithea also said that the drug's pharmacokinetic profile indicated consistent plasma levels at a steady state, which may reduce the risk of toxicity related to peak concentrations.

The drug developer said that the study results support the advancement of PAS-004 into clinical trials for treating cutaneous and plexiform neurofibromas in NF1, as well as other MAPK-driven conditions.

The company plans to provide additional trial updates periodically as the trial progresses.

Shares of the company rose more than 63% in premarket activity Thursday.

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