MIRA Pharmaceuticals, Inc.

General Information

MIRA Pharmaceuticals is developing a molecular synthetic THC (cannabinoid) drug to treat anxiety and cognitive decline typically associated with dementia. The company was formerly known as MIRA1A Therapeutics. (Incorporated in Florida)

We are an early pre-clinical-stage pharmaceutical company focused on the development and commercialization of a new molecular synthetic THC analog under investigation for the treatment of adult patients with anxiety and cognitive decline typically associated with early-stage dementia. Our target patient population is also typically presenting with chronic pain. Our drug candidate, MIRA1a, if approved by the FDA, may be a significant advancement in the treatment of neuropsychiatric, inflammatory, and neurologic diseases and disorders. Based on pre-clinical and animal studies conducted by us, we believe that MIRA1a enhances the therapeutic potential for treating anxiety, cognitive decline and chronic pain by potentially striking a balance between the beneficial effects of THC and CBD. MIRA1a achieves this by selectively targeting the cannabinoid type 1 (“CB1”) and cannabinoid type 2 (“CB2”) receptors. Cannabinoid receptors, located throughout the body, are part of the endocannabinoid system, which is involved in a variety of physiological processes and responses including appetite, pain-sensation, mood, and memory. With respect to THC, our pre-clinical studies have shown that MIRA1a may have less potency at CB1 but maintains high activation at CB2. Since CB1 activation corresponds to intoxication, we believe that MIRA1a is potentially less intoxicating than THC while still providing beneficial therapeutic effects. In addition, by curbing the negative effects of THC (e.g. cognitive impairment), preclinical studies suggest that MIRA1a may be capable of unmasking positive therapeutic effects not previously seen with THC (e.g. cognitive performance enhancement).

Our objective is to develop and commercialize new treatment options for neuropsychiatric, inflammatory, and neurologic diseases and disorders. Cannabinoids are a class of chemical compounds that are naturally occurring and are primarily found in cannabis plant extracts. The two major cannabinoids found in cannabis plant extracts include THC and CBD. These compounds bind to CB1 and CB2 cannabinoid receptors, which are found throughout the body. Specifically, CB1 receptors are concentrated in the central nervous system (“CNS”), while CB2 receptors are found mostly in peripheral organs and are associated with the immune system. When the chemical compounds bind to these cannabinoid receptors, the process elicits certain physiological responses. Physiological responses to cannabinoids may vary among individuals. Some of the effects of cannabinoids have been shown to impact nervous system functions, immune responses, muscular motor functions, gastrointestinal maintenance, blood sugar management, and the integrity of ocular functions. Our product candidate, MIRA1a, has a strong selectivity for CB2 versus CB1, and is designed to minimize the risk of psychoactive adverse events associated with CB1 activation. On November 28, 2022, the U.S. Drug Enforcement Agency, or DEA, confirmed in writing that it conducted a scientific review of the chemical structure of MIRA1a in accordance with the definitions within the CSA and its implementing regulations and determined that MIRA1a is not a controlled substance or listed chemical.

We believe that the effects of MIRA1a at the cannabinoid receptors CB1 and CB2 are predicted to account for the majority of its potential therapeutic effects, especially as related to anti-anxiety, anti-pain and anti-inflammatory properties. For example, the difference in the dose-response effects of MIRA1a compared with THC on CB1 receptors appears to coincide with its improved therapeutic profile.

THC is notorious for having biphasic physiological effects, which have been described for over 40 years: At low levels, THC has positive effects, while high doses cause opposite (undesirable) effects. 

**Note: Revenue and net loss figures are for the 12 months that ended March 31, 2023.

(Note: Mira Pharmaceuticals Inc. priced its micro-cap IPO on Aug. 2, 2023, in sync with the terms in its prospectus: 1.28 million shares (1,275,000 shares) at $7.00 to raise $8.93 million. Background: Mira Pharmaceuticals increased its IPO’s size to 1.275 million shares – up from 1.2 million shares – and kept the assumed IPO price at $7.00 – to raise $8.93 million, according to an S-1/A dated July 28, 2023. Background: Mira Pharmaceuticals filed an S-1/A dated July 21, 2023, in which its slightly increased the size of its IPO to 1.2 million shares – up from 1.0 million shares initially – and set the assumed IPO price at $7.00, which was the mid-point of its original price range of $6.00 to $8.00, to raise $8.4 million. Mira Pharmaceuticals filed its S-1 on July 14, 2023, and disclosed terms for its micro-cap IPO: 1.0 million shares at $6.00 to $8.00 to raise $7.0 million.)

Industry: Pharmaceuticals
Founded: 2020
Contact Information
Address 855 N Wolfe Street, Suite 601 Baltimore, Maryland 21205 (737) 289-0835
Phone Number (737) 289-0835
Web Address http://www.mirapharmaceuticals.com/
View Prospectus: MIRA Pharmaceuticals, Inc.
Financial Information
Market Cap $103.22mil
Revenues $0 mil (last 12 months)
Net Income $-6.9 mil (last 12 months)
IPO Profile
Symbol MIRA
Exchange NASDAQ
Shares (millions): 1.3
Price range $7.00 - $7.00
Est. $ Volume $8.9 mil
Manager / Joint Managers Kingswood Investments (Division of Kingswood Capital Partners)
Expected To Trade: 8/3/2023
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
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