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NASDAQ:MIRA
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MIRA Pharmaceuticals (NASDAQ:MIRA) is a clinical-stage pharmaceutical company focused on the development and commercialization of a new molecular synthetic cannabinoid analog for the treatment of adult patients with neuropathic pain as well as anxiety and cognitive decline typically associated with early-stage dementia. The company also acquired the rights to Ketamir, which, in layman’s terms, is a potential derivative of the antidepressant ketamine that has shown indications of having fewer side effects, working more rapidly, and having the opportunity to impact millions of patients that have not responded to other, existing treatments. We have written about the exciting preclinical results for Ketamir-2, the company’s novel oral ketamine analog, and the company just announced more positive testing results that build on all of the other positive results seen to this point.
This announcement is crucial to the advancement of Ketamir-2 and expanding the potential market size for the use of the treatment, allowing more patients to potentially receive much-needed pain relief. These results, according to the company, give the company the potential to access an $11.5 billion topical pain relief market.
This study was an in vitro release test (IVRT) for its topical formulation of Ketamir-2. The company revealed that the formulation “demonstrated consistent and dose-proportional release across multiple concentrations. The active compound remained stable within a hydrophobic base, and testing parameters followed FDA-recommended guidance for topical product evaluation.”
Management noted that the Phase I study on Ketamir-2 continues to advance and that the company plans to initiate a Phase IIa trial in diabetic neuropathy by year end. These recently released testing results expand the potential market opportunity for Ketamir-2 should, as we expect, the treatment gain FDA approval.
We remain extremely positive on MIRA, and this announcement is yet further confirmation that company management is focused on bringing relief to as many patients as possible and providing value to shareholders. The company now has multiple potential groundbreaking therapies and is rightly focusing on the one with the potential to get to market the fastest—Ketamir-2, but also continuing to advance MIRA-55, which we have written extensively about, in the background. We urge investors to look at MIRA and suggest those with a modestly higher risk tolerance consider investing before MIRA announces more positive results or collaborations the stock really starts to move higher.