Pre-clinical-stage pharmaceutical company MIRA Pharmaceuticals, has launched on the NASDAQ, with shares trading from 3 August 2023 under the symbol “MIRA”.
The company has announced the pricing of its initial public offering (IPO) of 1,275,000 shares of common stock at a price of $7.00 per share for aggregate gross proceeds of $8.9 million, prior to deducting underwriting discounts, commissions and other offering expenses.
The company, which is focused on the development and commercialisation of a new synthetic THC analog, has granted the underwriter a 45-day option to purchase up to 191,250 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments, if any.
The offering is expected to close on August 7, 2023, subject to customary closing conditions, and the proceeds will be used to advance the company’s clinical development programs and for working capital and general corporate purposes.
Its novel THC compound – MIRA1a – is currently under investigation for treating adult patients suffering from anxiety and cognitive decline, often associated with early-stage dementia.
If approved by the FDA, MIRA1a could mark a significant advancement in addressing various neuropsychiatric, inflammatory, and neurologic diseases and disorders. Based on pre-clinical and animal studies the company believes that MIRA1a may enhance the therapeutic potential for treating anxiety, cognitive decline, and chronic pain without the side effects of plant-based THC.
Additionally, the company has stated that its studies indicate that MIRA1a may counteract the adverse cognitive effects often seen with THC, thereby potentially unmasking previously unseen positive therapeutic effects, such as cognitive performance enhancement.