Benzinga - by Zacks Small Cap Research, .
By Brad Sorensen, CFA
READ THE FULL MIRA RESEARCH REPORT
MIRA Pharmaceuticals (NASDAQ: MIRA) is a preclinical-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.
The company announced that it achieved positive preclinical study results for Ketamir-2, its Novel Oral ketamine Analog. The company characterized these results as "highly encouraging" and are as follows, as reported by MIRA:
1. Open Field Test (OFT)
A) Mice treated with Ketamir-2 showed dose-related, significantly greater locomotor activity, higher travel speed and a trend towards an increased time spent in the center of the arena, indicating reduced anxiety levels.
2. Elevated Plus Maze (EPM)
A) In this model of depression, significant increases in travel distance and speed were observed in mice treated with Ketamir-2. Furthermore, Ketamir-2 treated mice spent more time in the open arms of the maze, suggesting reduced anxiety.
3. Forced Swim Test (FST)
A) In this model of depression and anxiety, mice in the Ketamir-2 treated arm demonstrated reduced swimming distances and speed, indicating reduced behavioral despair and anti-depressant effect.
B) In addition, Ketamir-2 treatment resulted in significantly reduced immobility times, highlighting its potential antidepressant properties.
The company also noted that ketamine was used as a positive control in this study and in many of the above tests was given orally at the highest dose feasible and was found to be inactive. This points to the potential benefits of Ketamir-2—which is designed to be delivered orally.
These results should enable the company to achieve its stated goal of having an IND submission to the FDA for Ketamir-2 before the year is out. As the Chief Scientific Advisor of Mira, Dr. Itzchak Angel said, "The data generated from these studies will be invaluable in demonstrating Ketamir-2's potential benefits. Its demonstrated activity by the oral route, its pharmacological profile and lack of unwanted side-effects make Ketamir-2 a potentially safer and more effective option for treating depression in a home setting."
We remain extremely positive on MIRA, and this announcement is yet another confirmation that the potential for MIRA's treatments is exciting. This announcement, in our view, helps to further validate the potential for MIRA therapies. The company has two potential groundbreaking therapies and is rightly focusing on the one with the potential to get to market the fastest—Ketamir-2. 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.