MIAMI - MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA), a pre-clinical-stage pharmaceutical company, today announced encouraging results from recent studies on its novel oral pharmaceutical marijuana analog, MIRA-55, aimed at treating anxiety and cognitive decline.
The preclinical data revealed that MIRA-55 has a higher efficacy at activating CB1 and CB2 cannabinoid receptors than THC, marijuana's main psychoactive component.
The company's research indicated that MIRA-55 maintains its effectiveness over a broader range of doses, unlike THC, which can lose potency at higher doses. This suggests that MIRA-55 could offer more consistent and prolonged therapeutic benefits. In behavioral tests, MIRA-55 demonstrated a more predictable and stronger anxiolytic effect compared to THC, marking it as a potentially more reliable option for treating conditions like anxiety.
MIRA Pharmaceuticals' CEO and Chairman, Erez Aminov, expressed excitement over the findings and the company's commitment to advancing the drug through additional preclinical studies towards an Investigational New Drug (IND) application.
Chief Scientific Advisor Dr. Itzchak Angel highlighted the differentiated pharmacological profile of MIRA-55, which could lead to more effective treatment options for patients with lower toxicities and side effects typically associated with THC.
MIRA Pharmaceuticals holds exclusive rights in the U.S., Canada, and Mexico for another drug candidate, Ketamir-2, and is investigating MIRA-55 for the treatment of neuropathic pain, anxiety, and cognitive decline. The U.S. Drug Enforcement Administration has determined that neither Ketamir-2 nor MIRA-55 would be considered controlled substances, facilitating their development and potential commercialization.
While MIRA-55 shows potential, it remains in early-stage preclinical development, and there is no guarantee that it will proceed through development or receive FDA approval. The pharmaceutical company cautions that forward-looking statements in the press release are not guarantees of future performance and are subject to various risks and uncertainties.
This article is based on a press release from MIRA Pharmaceuticals.
In other recent news, Mira Pharmaceuticals Inc. is facing a potential delisting from the Nasdaq Capital Market due to its stock price remaining below the required threshold. Despite this, Mira Pharmaceuticals is actively pursuing strategies to regain compliance and enhance shareholder value. The company is also preparing to submit an Investigational New Drug application for a novel compound, Ketamir-2, to the U.S. Food and Drug Administration by the end of 2024.
In addition, Mira Pharmaceuticals' Chief Financial Officer, Michelle Yanez, has agreed to a reduced annual base salary due to her responsibilities at other companies. The company is making significant strides with its investigational drugs, MIRA-55 and Ketamir-2.
The U.S. Drug Enforcement Administration has cleared MIRA-55 for further development, and the company is in advanced discussions with Memorial Sloan Kettering Cancer Center to initiate a preclinical study on Ketamir-2 for cancer pain and depression treatment.
Mira Pharmaceuticals is also considering strategic partnerships to mitigate risks and increase visibility among potential investors. The company's commitment to innovation and improving patient outcomes is evident in its ongoing pre-clinical trials and research. These recent developments underscore the dynamic nature of the company's operations.
InvestingPro Insights
As MIRA Pharmaceuticals continues to make strides in the development of its novel oral pharmaceutical, MIRA-55, investors may be closely monitoring the company's financial health and market performance.
According to InvestingPro data, MIRA Pharmaceuticals currently holds a market capitalization of $8.71 million. Despite the potential of MIRA-55, the company's financials reflect challenges, with a reported operating income of -$8.95 million over the last twelve months as of Q1 2024.
InvestingPro Tips suggest that the company holds more cash than debt on its balance sheet, which can be a positive sign for investors looking for financial stability in the companies they invest in.
Moreover, MIRA Pharmaceuticals has had a significant return over the last week, with a 7.56% price total return, which might indicate a positive investor sentiment in the short term. However, it is important to note that the stock has experienced a substantial decline over the last year, with a 92.06% drop in its price total return.
For investors interested in a deeper dive into MIRA Pharmaceuticals' financials and market performance, there are additional InvestingPro Tips available. These can provide further insights into aspects such as the company's gross profit margins, liquidity, and profitability over the last twelve months. To explore these additional tips, and to potentially benefit from advanced analytics, investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at https://www.investing.com/pro/MIRA.
The company's progress with MIRA-55 and the favorable regulatory status of its drug candidates may offer promising prospects, but investors should also consider the broader financial context provided by InvestingPro metrics and tips to make informed decisions.
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