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MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA), a Florida-based clinical-stage pharmaceutical company with a market capitalization of $15 million, announced today significant findings from a preclinical study of its drug candidate, Ketamir-2. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 4.0, indicating robust short-term financial stability. The study, which involved an animal model of diabetic neuropathy, showed that oral administration of Ketamir-2 led to a notable reduction in neuropathic pain symptoms.
The research utilized a recognized rat model of type 2 diabetes, where a combination of a high-fat diet and a low dose of Streptozotocin was used to induce conditions such as insulin resistance and hyperglycemia, mimicking the human diabetic state. By the eighth week, the rats exhibited signs of neuropathic pain, which were assessed using mechanical hypersensitivity tests. While the company’s stock has declined 21% year-to-date, InvestingPro analysis suggests the stock may be undervalued at current levels.
The results indicated that Ketamir-2 provided a statistically significant alleviation of pain symptoms when compared to a control group that did not receive the treatment. Remarkably, some of the treated rats showed a return to their sensitivity levels before the onset of diabetes, suggesting the drug’s potential for reversing pain-related hypersensitivity caused by the condition.
These findings are consistent with previous preclinical data on Ketamir-2, which have demonstrated the compound’s effectiveness, oral bioavailability, and a profile that does not cause dissociation. The positive results bolster MIRA Pharmaceuticals’ current Phase I clinical trial with healthy volunteers and support the company’s strategy to commence a Phase IIa trial for patients with diabetic neuropathy by late 2025. Analysts maintain an optimistic outlook with a consensus target price of $17.75, significantly above current trading levels. Get access to more exclusive financial insights and 7 additional ProTips for MIRA with an InvestingPro subscription.
This announcement is based on a statement from an 8-K filing with the Securities and Exchange Commission. MIRA Pharmaceuticals continues to focus on the development of innovative treatments for neurologic and neuropsychiatric disorders, with Ketamir-2 being a promising candidate in their pipeline.
In other recent news, MIRA Pharmaceuticals is navigating a series of significant developments. The company received a notification from Nasdaq regarding its failure to meet the minimum stockholders’ equity requirement, with a current equity of $2,199,750, falling short of the $2.5 million threshold. MIRA Pharmaceuticals is actively working on a compliance plan, which includes the acquisition of SKNY Pharmaceuticals, expected to infuse $5 million in capital. This acquisition will also introduce SKNY-1, a drug candidate targeting obesity and smoking cessation, into MIRA’s pipeline. In parallel, MIRA has commenced a Phase 1 clinical trial for Ketamir-2, an oral ketamine analog aimed at treating neuropathic pain. The company has also developed a new topical treatment for pain management, derived from Ketamir-2, and is conducting preclinical studies to assess its efficacy. These efforts are part of MIRA’s broader strategy to expand its pipeline of treatments for neurological and neuropsychiatric disorders. The acquisition of SKNY Pharmaceuticals is subject to a 90-day due diligence period and regulatory approvals.
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