MIAMI - MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA), a pre-clinical-stage pharmaceutical company, is in advanced discussions with Memorial Sloan Kettering Cancer Center (MSK) to initiate a preclinical study on Ketamir-2, an oral ketamine analog for cancer pain and depression treatment.
If realized, this partnership could validate Ketamir-2's potential and mark a pivotal step in MIRA's efforts to expand the compound's applications beyond current studies on depression and PTSD.
Ketamir-2 offers a potential alternative to intravenous ketamine, currently used at MSK for refractory cancer pain, with the benefit of high oral bioavailability and no interaction with mu opioid receptors, suggesting a safer profile. The proposed study aims to compare Ketamir-2's effectiveness against traditional ketamine administration in a rodent model.
Dr. Amitabh Gulati of MSK highlighted the need for multimodal treatment options to mitigate risks associated with opioid therapies. The collaboration with MIRA could provide new oral medications with a favorable safety profile for cancer pain treatment.
MIRA's Chairman & CEO, Erez Aminov, expressed the company's commitment to innovation and improving patient outcomes. Dr. Itzchak Angel, MIRA's Chief Scientific Advisor, emphasized the potential of Ketamir-2 to redefine cancer pain management standards and offer more accessible treatment options, including for depression prevalent among cancer patients.
Cancer pain affects approximately 44% of patients, with about 31% experiencing moderate to severe pain. The National Cancer Institute reports that around 25% of cancer patients suffer from depression, significantly higher than the general population.
MIRA holds exclusive rights in the U.S., Canada, and Mexico for Ketamir-2, which is not considered a controlled substance by the U.S. Drug Enforcement Administration. The company is also investigating MIRA-55, an oral pharmaceutical marijuana, for anxiety and cognitive decline treatments.
MIRA's collaboration with MSK could expedite the regulatory approval process, potentially leading to an Investigational New Drug Application for Ketamir-2 within the next year. However, both Ketamir-2 and MIRA-55 are in early-stage preclinical development, and there is no guarantee they will proceed through development or receive FDA approval.
This article is based on a press release statement from MIRA Pharmaceuticals.
InvestingPro Insights
MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) is currently navigating through a crucial phase in its development pipeline, with the potential partnership with Memorial Sloan Kettering Cancer Center representing an important milestone. While the company's research endeavors are promising, it is essential for investors to consider the financial health and market performance of MIRA as they assess the company's future prospects.
InvestingPro Data reveals that MIRA has a market capitalization of 12.56M USD, reflecting its status as a small-cap company with room for growth in the biopharmaceutical industry. Despite its innovative approach to cancer pain and depression treatment, the company has not been profitable over the last twelve months, with a negative P/E ratio of -1.09 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -1.02. This indicates that MIRA is yet to reach a stage where it generates earnings greater than its share price.
Investors should note that MIRA's stock has experienced a significant return over the last week, with a 15.13% price total return, which could signal growing investor confidence or reaction to recent news. However, the broader picture shows that the stock has taken a big hit over the last six months, with a price total return of -78.21%, and a one-year price total return of -88.54%, suggesting that MIRA’s journey has been volatile and fraught with the risks typical of early-stage pharmaceutical companies.
InvestingPro Tips highlight that MIRA holds more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations, providing a degree of financial stability and flexibility as it continues its research and development activities. Nevertheless, the company suffers from weak gross profit margins and does not pay a dividend to shareholders, which is common for companies in the growth phase, focusing on reinvestment over immediate returns to investors.
For those interested in further analysis and additional metrics, there are more InvestingPro Tips available at https://www.investing.com/pro/MIRA, which can provide deeper insights into MIRA's financial health and market standing. Investors looking to access these valuable resources can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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