The psychedelics based medicine space has come into considerable prominence in recent times and one of the better known biotech companies in that space is PharmaTher Holdings Ltd (OTCMKTS:PHRRF).
Yesterday the stock was on the move and rallied by as much as 6% after the company announced that it filed a pre Investigational New Application request for a meeting with the United States Food and Drug Administration. The meeting is with regards to the company’s product KETABET and on top of that, PharmaTher is also looking to complete its briefing package.
In addition to that, the possible Phase 2 clinical study of the product is also going to be on the agenda. The product is meant as a new age treatment for depression. It is a major development for PharmaTher and it is not a surprise that the news of the request has resulted in considerable optimism among investors. PharmaTher is also going to have a discussion with regards to the development plan of its proprietary hydrogel-forming microneedle patch delivery technology.