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.
MIRA Pharmaceuticals' ( $MIRA) Ketamir-2 is showing some serious potential in the fight against CIPN.
CIPN, or chemotherapy-induced neuropathic pain, is a nasty side effect that can hit folks undergoing cancer treatment.
Think tingling, numbness, and even severe pain.
The… pic.twitter.com/dmN0Ssdeac
— RAFA Finance (@finance_rafa) October 28, 2024
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.
rowan@mugglehead.com