Street Calls of the Week
Mira Pharmaceuticals, Inc. (NASDAQ:MIRA) announced Monday the completion of its acquisition of SKNY Pharmaceuticals, Inc. The transaction closed under a previously disclosed merger agreement, with Mira acquiring 100% of SKNY in exchange for restricted shares of Mira’s common stock. The number of shares issued was determined by an exchange ratio based on independent third-party valuations of both companies, according to a press release statement and the company’s SEC filing.
As part of the closing conditions, SKNY contributed $5 million in marketable securities to Mira Pharmaceuticals . The company stated this contribution would strengthen its balance sheet. According to InvestingPro data, Mira maintains a healthy current ratio of 2.79, indicating its liquid assets already exceed short-term obligations.
The acquisition expands Mira’s pipeline with several new therapeutic programs. These include Ketamir-2, a ketamine analog in Phase 1 clinical development for neuropathic pain; MIRA-55, an oral THC analog with preclinical results for inflammatory pain, cognitive decline, and anxiety; and SKNY-1, an oral therapeutic candidate targeting obesity and smoking cessation with preclinical data showing up to 30% weight loss and reversal of nicotine craving.
The shares issued in the transaction were not registered under the Securities Act of 1933, relying on exemptions provided by Section 4(a)(2) and Rule 506.
In addition, the company disclosed that it had previously received a notification from Nasdaq regarding non-compliance with Listing Rule 5550(b)(1), which requires a minimum of $2.5 million in stockholders’ equity. Nasdaq granted Mira an extension until October 6, 2025, to regain compliance. Following at-the-market stock offerings and the closing of the merger, Mira stated that it believes it has regained compliance with the rule, but Nasdaq will continue to monitor its status.
All information is based on the company’s statement in its recent SEC filing.
In other recent news, MIRA Pharmaceuticals has reported positive results from the Phase 1 clinical trial of its oral drug candidate, Ketamir-2. The trial, which was a single ascending dose study, involved 32 healthy adult participants who received doses ranging from 50 mg to 600 mg. The results showed that Ketamir-2 was safe and well-tolerated, with no serious adverse events or dose-limiting toxicities observed. The study was conducted at the Hadassah Clinical Research Center in Israel under the supervision of Prof. Yoseph Caraco. In addition to the clinical trial results, MIRA Pharmaceuticals’ shareholders have approved the acquisition of SKNY Pharmaceuticals. This acquisition will be structured as a share exchange, with SKNY contributing $5 million in assets or cash to MIRA. These developments were disclosed in a press release and a filing with the Securities and Exchange Commission.
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