Bullish indicating open at $55-$60, IPO prices at $37
Mira Pharmaceuticals , Inc. (NASDAQ:MIRA), a $20.47 million market cap biotech company currently trading at $1.24, announced Wednesday that its proprietary drug candidate Mira-55, a non-psychoactive marijuana analog, demonstrated pain relief comparable to morphine in a validated animal model of inflammatory pain. According to InvestingPro data, the company has delivered an impressive 100% return over the past year, reflecting investor optimism in its development pipeline. According to the company’s statement in a Securities and Exchange Commission (SEC) filing, Mira-55 achieved these results without causing local inflammation or sedative effects.
Mira-55 is a synthetic analog designed to selectively activate CB2 receptors, which are linked to anti-inflammatory and analgesic responses, while exhibiting minimal activity at CB1 receptors associated with psychoactive effects. In a formalin-based rodent model, the candidate reduced pain sensitivity and restored pain thresholds to near-baseline levels, matching the efficacy of morphine, the opioid control in the study.
The company also stated that the U.S. Drug Enforcement Administration (DEA) has confirmed Mira-55 is not classified as a controlled substance, which removes a regulatory barrier for clinical development.
Mira Pharmaceuticals reported that Mira-55 complements its clinical-stage program Ketamir-2, an NMDA receptor antagonist currently in Phase 1 development for neuropathic pain. While the company is not yet profitable, InvestingPro analysis shows a strong current ratio of 12.86, indicating ample liquidity to fund its development programs.
Additionally, Mira Pharmaceuticals provided an update on its planned acquisition of SKNY Pharmaceuticals. The SEC has completed its review of the merger proxy without comment, allowing the company to proceed with shareholder approval and final steps toward closing the transaction. SKNY Pharmaceuticals is developing SKNY-1, an investigational therapy targeting obesity and nicotine addiction. Recent studies cited by the company indicate SKNY-1 achieved a 30% reduction in body weight without muscle loss and reversed nicotine cravings in preclinical models.
Mira Pharmaceuticals said it is advancing Mira-55 toward an Investigational New Drug (IND) submission to support future clinical trials for inflammatory pain indications. InvestingPro subscribers have access to additional financial health metrics and 7 more exclusive ProTips that could help evaluate the company’s development potential and investment outlook.
All information is based on a statement from Mira Pharmaceuticals in a recent SEC filing.
In other recent news, MIRA Pharmaceuticals, Inc. has announced significant developments regarding its drug candidate SKNY-1, which it plans to acquire from SKNY Pharmaceuticals, Inc. The drug demonstrated up to 30% weight loss and reduced cravings in an animal model, supporting its advancement toward further studies. MIRA is also progressing with its acquisition of SKNY Pharmaceuticals, a move approved by its Board of Directors, which could create a combined entity valued at over $60 million. Additionally, MIRA’s lead drug candidate, Ketamir-2, has been accepted for publication in the journal Frontiers in Pharmacology and is currently in Phase 1 clinical trials for neuropathic pain. The company plans to start a Phase 2a clinical trial by the end of 2025. MIRA Pharmaceuticals has also appointed Alan Weichselbaum as the new Chief Financial Officer, replacing Michelle Yanez. The company is preparing to participate in the BIO International Convention 2025 to explore potential strategic collaborations. These developments reflect MIRA’s ongoing efforts to expand its therapeutic offerings and strengthen its executive team.
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