MIRA Pharmaceuticals announces clinical progress and acquisition update

MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA), a Florida-based pharmaceutical company with a market capitalization of $21.19 million and a current share price of $1.26, announced today its participation in the upcoming BIO International Convention 2025, scheduled for June 16-19 in Boston. According to InvestingPro data, the company has demonstrated strong momentum with a 10.53% return year-to-date. The company intends to engage in one-on-one partnering meetings to explore potential licensing, strategic collaborations, and merger and acquisition opportunities.

Additionally, MIRA provided updates on its clinical and preclinical programs. The company has completed the second dosing cohort of its lead candidate, Ketamir-2, an oral ketamine analog, in an ongoing Phase 1 clinical trial. Preparations are underway to initiate the third cohort, with a Phase IIa clinical trial in neuropathic pain expected to commence by the end of 2025. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 12.86, indicating robust financial flexibility to support its clinical programs. MIRA is positioning Ketamir-2 as a potential non-opioid alternative for chronic pain management.

Preclinical studies are also in progress to evaluate Ketamir-2 for post-traumatic stress disorder (PTSD) and to assess a topical formulation for treating localized inflammatory pain.

In a separate development, MIRA is finalizing regulatory filings for the acquisition of SKNY Pharmaceuticals, Inc. The acquisition, which is pending regulatory approval, includes SKNY’s lead development candidate, SKNY-1, an oral therapeutic aimed at smoking cessation and obesity, targeting CB1, CB2, and MAO-B receptors.

This information is based on a press release statement filed with the U.S. Securities and Exchange Commission. Based on InvestingPro’s Fair Value analysis, MIRA appears to be trading near its Fair Value. Subscribers can access 7 additional ProTips and comprehensive financial metrics to better evaluate MIRA’s investment potential.

In other recent news, MIRA Pharmaceuticals has announced a strategic acquisition of SKNY Pharmaceuticals, pending shareholder approval. This merger is valued at over $60 million and aims to enhance MIRA’s portfolio with SKNY’s leading compound, SKNY-1, which targets metabolic dysfunction and nicotine dependence. In addition, MIRA Pharmaceuticals reported successful results from a neurotoxicity study of Ketamir-2, a novel NMDA receptor antagonist, showing no signs of brain toxicity. The company is advancing Ketamir-2 through Phase I clinical trials, with plans for a Phase IIa trial for diabetic neuropathy. Furthermore, MIRA has completed in vitro release testing for a topical formulation of Ketamir-2, indicating a stable and consistent release profile. This development positions the company to address the growing demand for non-opioid pain treatments. MIRA Pharmaceuticals also announced the appointment of Alan Weichselbaum as their new CFO, bringing extensive financial experience to the company. These developments reflect MIRA’s ongoing efforts to expand its therapeutic offerings and strengthen its executive team.

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