Medical Marijuana-Focused Mira Pharmaceuticals Stock Surges After Neuropsychiatric Disorders Update - Here's Why

Friday, Mira Pharmaceuticals Inc MIRA disclosed a discovery regarding its pre-clinical drug candidate, MIRA1a. 

The company’s current Report on Form 8-K unveils that what was previously believed to be MIRA1a is, in fact, a newly identified molecule with distinct attributes – named MIRA-55. 

The company’s patented, pre-clinical drug candidate molecule MIRA1a is an oral pharmaceutical marijuana drug candidate under investigation for treating adult patients suffering from anxiety and cognitive decline, often associated with early-stage dementia.

Previous public filings highlighted positive outcomes from the MIRA1a Studies, conducted with the support of third-party organizations like Curia Global and, subsequently, Recipharm Israel Ltd.

However, suspicions arose in late 2023 when the company, in collaboration with its contract manufacturers, began questioning the compound used in the studies. 

This led to the identification of MIRA-55, a novel molecule synthesized during the manufacturing and scale-up process. The company says the results reported in earlier disclosures were attributed to the MIRA-55 compound rather than the intended MIRA1a.

Mira Pharmaceuticals views the discovery of MIRA-55 as an improvement over its predecessor. 

The newly found molecule demonstrates enhanced potency and potential efficacy, prompting the company to file a provisional patent application in early March 2024 for global protection. 

If granted, the company will secure patent rights for both MIRA1a and MIRA-55.

Further testing is needed to validate the company’s initial hypotheses. Despite ongoing investigations, the company has chosen to progress MIRA-55 as the primary compound for its oral pharmaceutical marijuana drug candidate while also maintaining its ownership of MIRA1a.

Price Action: MIRA shares are up 39.01% at $1.32 on the last check Friday.

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