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Mira Pharmaceuticals Files For $16m IPO

Mira Pharmaceuticals, a pre-clinical cannabis pharmaceuticals developer, has filed to list its common shares on NASDAQ.

On Thursday (June 29), Mira filed to raise $16.4m in an IPO to fund the development of its lead drug candidate MIRA1a.

According to the Baltimore-based company, this is a ‘new molecular synthetic THC analogue’ aimed at treating anxiety, chronic pain and cognitive decline associated with dementia by ‘selectively targeting the cannabinoid type 1 (“CB1”) and cannabinoid type 2 (“CB2”) receptors.’

READ MORE: Adult-Use Sales of Cannabis Have Now Begun in Maryland

“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,” it said in its prospectus.

While little detail about pricing terms has been given, it is understood that the sole bookrunner will be Kingswood Capital Markets.

To date Mira, which was founded in 2020, is pre-revenue, recording a net loss of $1.3m and a deficit of $10.6m in the three months to March 31, alongside a loss of $7.1m last year.

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