On Monday, MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) signed a binding letter of intent (LOI) to acquire SKNY Pharmaceuticals, Inc.

The transaction includes a $5 million capital infusion of cash or equivalent consideration into MIRA, reinforcing its financial position and supporting the advancement of SKNY-1, a preclinical-stage oral drug candidate for weight loss and smoking cessation.

Also Read: EXCLUSIVE: MIRA Pharmaceuticals Kick Starts Human Trial In Israel For Ketamir-2 For Neuropathic Pain

Under the terms, MIRA will acquire SKNY through a stock exchange, whereby SKNY shareholders will receive shares of MIRA common stock at a valuation determined by an independent third-party firm.

Additionally, SKNY will contribute $5 million in cash or assets to MIRA at closing. Upon completion, SKNY-1 and all related intellectual property assets will be fully integrated into MIRA.

The acquisition of SKNY Pharmaceuticals strategically positions MIRA to enter two high-growth pharmaceutical markets with a differentiated, next-generation oral therapy.

• SKNY-1, in preclinical development, is being investigated as a potential oral therapeutic option for metabolic regulation. The drug candidate is designed to interact with cannabinoid receptors CB1 and CB2 pathways that have been demonstrated for their role in appetite, metabolism, and energy balance regulation.
• SKNY-1 is being developed as a potential oral therapy that may work by modulating cannabinoid pathways involved in nicotine dependence. If successful, it could provide an alternative to existing treatments by addressing key challenges in smoking cessation.

Last week, MIRA Pharmaceuticals announced the formulation of Ketamir-2 as a topical treatment for localized neuropathic and inflammatory pain.

The advancement expands the company’s pain management portfolio beyond its ongoing Ketamir-2 oral treatment for neuropathic pain.

Price Action: MIRA stock is trading lower by 3.12% to $1.24 premarket at the last check on Monday.

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This article EXCLUSIVE: MIRA Pharmaceuticals Signs To Acquire SKNY Pharmaceuticals, Expand Pipeline Into Weight Loss And Smoking Cessation Drug originally appeared on Benzinga.com

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