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Tuesday, Nov 5, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Medical and Pharmaceutical

MIRA Pharma up 27% on ketamine analogue’s preclinical results for chemotherapy pain

This pharmaceutical company is also developing a synthetic cannabinoid drug to treat anxiety and cognitive decline

Mira Pharma up 27% on ketamine analog trial results for chemotherapy pain
MIRA's "Ketamir-2" compound has shown 60% greater efficacy than a competing FDA-approved therapeutic. Image credit: MIRA Pharmaceuticals

Miami’s Mira Pharmaceuticals Inc (NASDAQ: MIRA) surged on Wednesday following the release of promising preclinical results for its novel ketamine analogue. “Ketamir-2” is used to alleviate pain in cancer patients.

MIRA determined that its ketamine-like drug is 60 per cent more efficacious at alleviating pain induced by chemotherapy treatment than the FDA-approved therapeutic “Gabapentin.” The pharmaceutical company presented its findings this week at the Pain Therapeutics Summit in Boston, Massachusetts.

“Ketamir-2 has demonstrated exceptional efficacy across multiple models, achieving complete pain normalization where other treatments fall short,” Erez Aminov, Chairman and CEO, said in a press release. The drug is also being investigated for its anti-depressant properties.

These results build on previous preclinical studies on the drug with positive outcomes. Last week, MIRA revealed that Ketamir-2 showed superior pain relief capabilities than another popular FDA-approved drug, “Pregabalin.”

“By day 22, Ketamir-2 achieved up to 112 per cent more effective results than Pregabalin and 70 per cent greater relief than Gabapentin at higher doses,” the company stated regarding its rodent study findings.

The market for Gabapentin is currently valued at around US$3 billion, according to India’s firm Precedence Research. Meanwhile, the global Pregabalin industry has a valuation exceeding US$1.6 billion, Allied Market Research says.

MIRA has pointed out that these two competing drugs have an array of nasty side effects. These include weight gain, dizziness, cognitive issues and withdrawal symptoms after use. The drug developer says Ketamir-2 performs better, is non-habit forming and doesn’t come with unwanted complications.

Read more: Breath Diagnostics takes aim at lung cancer with One Breath

Read more: Breath Diagnostics pioneers novel lung cancer breath test

Financial firms give BUY ratings and high share targets

Kingswood U.S. just gave MIRA a 14-month share target of US$7.50 — an immense increase from their current value of US$2.20.

Furthermore, New York’s investment bank Rodman & Renshaw set its 12-month target for the pharmaceutical operator at US$17.00 in September. The firm’s 65-page analysis of MIRA drew favourable conclusions about the company.

At the end of Q2 this year, MIRA had a cash balance of US$2.8 million and total liabilities amounting to US$796,612. The company’s assets are worth over US$3 million.

 

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