The market capitalization of PharmaTher Holdings Ltd. (OTCQB: PHRRF) rose by 27.41% with the last session closing at $0.6280. PharmaTher stock traded 4.32M shares recently, greater than its average daily volume of 494.08K.

A price range of $0.4768 to $0.6800 has also been observed for the PHRRF stock. There are 69.74M outstanding shares of pink sheets PHRRF stock compared with a 52.67M float. PHRRF stock rose following the submission of a pre-IND meeting request and briefing package to the FDA.

Why did PHRRF make that request?

PharmaTher specializes in the research, development, and commercialization of novel treatments for mental health problems, neurological conditions, and pain disorders through the use of psychedelics. PHRRF is currently evaluating the efficacy of ketamine as a treatment for Parkinson’s disease in Phase 2 clinical study and is utilizing microneedles for psychedelic delivery through the skin.

PharmaTher announces today that it has submitted a request for a pre-Iinvestigational New Drug (“pre-IND”) meeting to the FDA and a complete pre-IND briefing package.

• KETABET is a potential new depression treatment, and PHRRF requests a meeting to support its clinical development and Phase 2 clinical study.
• The meeting is also requested to discuss PHRRF’s microneedle patch delivery technology and hydrogel-forming technology.
• As a treatment for major depressive disorder, KETABET has the potential to be approved by the FDA as a fast-track drug under 505(b)(2) status.

PHRRF has any future plans?

With its robust intellectual property portfolio, clinical experience, and recent FDA approval of an IND to evaluate ketamine’s potential to treat Parkinson’s disease, PHRRF remains committed to solving the ketamine puzzle and unlocking its true potential for treating depression. The PHRRF now believes that it can lead the way in reviving ketamine and KETABET as potential prescription-based treatments for mental health, neurological disorders, and pain.