Bullish indicating open at $55-$60, IPO prices at $37
Mira Pharmaceuticals , Inc. (NASDAQ:MIRA), a $21 million market cap biotechnology company, announced Monday that its drug candidate SKNY-1, which it is under definitive agreement to acquire from SKNY Pharmaceuticals, Inc., showed up to 30% weight loss and reversal of high-calorie and nicotine cravings in an animal model of obesity and craving. According to InvestingPro data, while the company maintains strong liquidity with a current ratio of 12.86, it remains in development stage without current profitability. The company reported these findings in a press release statement based on a zebrafish model that mimics human obesity and craving behaviors. The stock has shown strong momentum, gaining over 95% in the past year according to InvestingPro data, reflecting investor interest in its development pipeline.
According to the company, six days of oral SKNY-1 treatment led to an approximate 30% reduction in body weight, with treated animals weighing about 10% less than healthy controls. The weight loss was not accompanied by muscle density changes, suggesting fat loss with preserved lean mass.
The study also found that treated animals exhibited an increased breathing rate, indicating a higher metabolic rate. In untreated obese animals, liver fat was about 50% higher than normal, but SKNY-1 reversed this buildup, bringing liver fat and cholesterol levels back to normal ranges. The drug did not affect blood fat levels.
SKNY-1 was reported to reduce the intake of high-calorie food in obese animals, with high-dose animals eating less than healthy controls. The drug also decreased compulsive food-seeking behavior and reduced the likelihood of seeking food in stressful environments.
Regarding nicotine craving, the company stated that SKNY-1 significantly reduced the desire to seek and consume nicotine. Treated animals were less likely to pursue nicotine, even in stressful conditions, and did not show a preference for environments associated with nicotine rewards.
The study found that SKNY-1 normalized leptin and ghrelin hormone levels, which are involved in hunger regulation, and reduced elevated dopamine levels in the brain at lower doses.
Mira Pharmaceuticals indicated that these results support the advancement of SKNY-1 toward Investigational New Drug (IND)-enabling studies, pending completion of the acquisition of SKNY Pharmaceuticals, Inc.
All information is based on a press release statement included in the company’s SEC filing.
In other recent news, MIRA Pharmaceuticals has reported significant developments concerning its lead drug candidate, Ketamir-2. The company announced that a manuscript detailing Ketamir-2’s pharmacological properties has been accepted for publication in the journal Frontiers in Pharmacology. This compound, currently in Phase 1 clinical trials, has shown no safety concerns and is being positioned as a potential non-opioid alternative for chronic pain management. Additionally, a neurotoxicity study revealed that Ketamir-2 exhibited no signs of brain toxicity, which is a positive indicator for its continued development.
MIRA Pharmaceuticals is also progressing with its strategic acquisition of SKNY Pharmaceuticals, pending regulatory approval. The acquisition would bring SKNY’s lead candidate, SKNY-1, into MIRA’s portfolio, targeting smoking cessation and obesity. The Board of Directors has approved this strategic move, with independent valuations suggesting a potential combined enterprise worth over $60 million. Furthermore, MIRA has appointed Alan Weichselbaum as the new Chief Financial Officer to strengthen its executive team as it pursues growth through drug development and potential mergers.
The company plans to initiate a Phase 2a clinical trial for Ketamir-2 by the end of 2025, pending regulatory clearance. MIRA’s participation in the upcoming BIO International Convention 2025 aims to explore potential licensing and collaboration opportunities. These recent developments underscore MIRA’s ongoing efforts to advance its clinical pipeline and expand its market presence.
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