By Brad Sorensen, CFA

NASDAQ:MIRA

READ THE FULL MIRA RESEARCH REPORT

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 seeks to build on the compelling evidence we’ve discussed before, which should be a huge advance for patients and suggest a potential inflection point for the stock.

Supporting that belief is the announcement by MIRA that a preclinical study, which was involved inducing Type 2 diabetes in rats using a high-fat diet combined with a low dose of Streptozotocin (STZ). This resulted in hyperglycemia and neuropathic symptoms, including hyperalgesia and allodynia, mimicking human diabetic pathology. By week 8, most diabetic rats exhibited sensory hypersensitivity. Treatment with Ketamir-2 led to a significant reduction in neuropathic pain symptoms, with some animals returning completely to pre-diabetic baseline sensitivity. This treatment, if the results continue and results in approval, has the potential to provide relief to millions of patients with diabetic neuropathy.

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.

We remain extremely positive on MIRA, and this announcement is yet further confirmation that company management is focused on bringing relief to patients 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.

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