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Mira Pharmaceuticals, Inc. (NASDAQ: MIRA), a Florida-based clinical-stage pharmaceutical company with a market capitalization of $16.56 million, announced today the successful development of a new topical treatment for localized neuropathic and inflammatory pain, derived from their drug Ketamir-2. According to InvestingPro data, while the company maintains strong liquidity with a current ratio of 6.11, it faces near-term profitability challenges. This new formulation complements the company’s existing efforts in pain management, which include an oral treatment currently undergoing a Phase 1 clinical trial.
The topical version of Ketamir-2 is designed to provide slow-release, targeted pain relief directly at the site of application, aiming to reduce systemic exposure and potential side effects. Mira Pharmaceuticals is conducting preclinical studies to evaluate the efficacy of the topical formulation against inflammatory pain. The results of these studies are anticipated to inform future development strategies.
The company’s progress in developing Ketamir-2’s topical treatment is part of a broader effort to expand its pipeline of treatments for neurological and neuropsychiatric disorders. In addition to the ongoing preclinical studies, Mira Pharmaceuticals is preparing for a Phase 2a clinical trial in patients with diabetic neuropathy, scheduled to begin by the end of the year. InvestingPro analysis shows the company holds more cash than debt on its balance sheet, potentially supporting its clinical development plans. Wall Street analysts have set an ambitious target price of $17.75, suggesting significant upside potential if clinical trials prove successful. This trial is expected to provide the first human efficacy data for Ketamir-2 by the first quarter of 2026.
Mira Pharmaceuticals, which was previously known as Mira1a Therapeutics, Inc., continues to focus on addressing unmet medical needs in the pain management space. The company’s dual approach with Ketamir-2, offering both oral and topical treatments, reflects its commitment to providing comprehensive solutions for patients suffering from neuropathic pain.
Investors and interested parties can find more information about Mira Pharmaceuticals and its product pipeline on the company’s website. The information in this article is based on a press release statement from Mira Pharmaceuticals, as filed with the Securities and Exchange Commission. For comprehensive financial analysis and additional insights, including 7 more exclusive ProTips and detailed financial metrics, visit InvestingPro.
In other recent news, Mira Pharmaceuticals has initiated a Phase 1 clinical trial for Ketamir-2, a novel oral ketamine analog aimed at treating neuropathic pain. The trial, approved by the Israeli Ministry of Health and the Institutional Review Board, will be conducted at the Hadassah Medical (TASE:BLWV) Center in Jerusalem, focusing on the safety and tolerability of the drug. Mira Pharmaceuticals anticipates completing this phase by the fourth quarter of 2025, with plans to begin a Phase 2a study by the end of the year. Additionally, Mira Pharmaceuticals announced a change in its independent registered public accounting firm. Cherry Bekaert (EBR:BEKB) LLP, the previous firm, resigned, citing no adverse opinions on financial statements but identifying material weaknesses in internal controls. The company has appointed Salberg & Company P.A. as the new accounting firm, a decision approved by the board of directors and recommended by the Audit Committee. This transition was detailed in a Form 8-K filed with the Securities and Exchange Commission, ensuring transparency for shareholders.
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