Why Is Depression Focused MIRA Pharmaceuticals Stock Trading Higher Today?

MIRA Pharmaceuticals Inc MIRA announced a partnership with MIRALOGX, LLC, an intellectual property holding company established by MIRA's founder. 

Under an exclusive licensing agreement, MIRA will have the exclusive right in the U.S., Canada, and Mexico to develop and commercialize Ketamir-2, a novel oral ketamine analog designed to revolutionize the landscape of depressive disorder treatments. 

This collaboration includes a $3 million line of credit extended by Miralogx to fund the initial development of Ketamir-2.

Ketamir-2 is a unique patent-pending compound that is under investigation to potentially deliver ultra-rapid antidepressant effects as early as four hours after dosing, providing hope for individuals battling treatment-resistant depression and major depressive disorder with suicidal ideation. 

Because of its potential for misuse or illegal distribution, ketamine is classified by the U.S. Drug Enforcement Administration as a Schedule III substance, meaning that it is available legally only through a prescription, and its distribution and use are closely monitored. 

Ketamir-2 is being developed as a take-home alternative to Johnson & Johnson's JNJ Spravato, which must be dosed under medical observation.

Price Action: MIRA shares are up 44% at $4.78 on the last check Monday.

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