The IPO Buzz: Cannabis Drug Developer MIRA Pharmaceuticals Raises $8.9 Million

Synthetic THC (cannabinoid) drug developer MIRA Pharmaceuticals (MIRA) raised $8.93 million on Wednesday night (Aug. 2, 2023) by pricing its tiny IPO  in sync with the terms in its prospectus: 1.28 million shares (1,275,000 shares) at $7.00. The stock opened flat at $7.00 at 10:45 a.m. EDT today (Thursday, Aug. 3, 2023) in its NASDAQ debut. By 1:06 p.m. EDT today, MIRA Pharmaceuticals’ stock was trading at $7.65, up about 9.3 percent. Shares of MIRA Pharmaceuticals closed today at $7.42, up 42 cents for a gain of 6.0 percent in their first day of NASDAQ trading. 

Kingswood Investments, a division of Kingswood Capital Markets, was the sole book-runner.

MIRA Pharmaceuticals, based in Baltimore, is developing MIRA1a, a molecular synthetic THC (cannabinoid) drug to treat anxiety and cognitive decline typically associated with dementia. The company, incorporated in Florida, was formerly known as MIRA1A Therapeutics, according to the prospectus.

On Nov. 28, 2022,  the U.S. Drug Enforcement Agency (DEA) confirmed in writing that it conducted a scientific review of the chemical structure of MIRA1a in accordance with the definitions within the CSA (the Controlled  Substances Act) and its implementing regulations and determined that MIRA1a is not a controlled substance or listed chemical, the prospectus says.

MIRA Pharmaceuticals’ financial picture is typical for a preclinical biotech company – a net loss on no revenue for the last 12 months.

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