MIRA Pharmaceuticals Inc ( MIRA ) stock is trading higher on Thursday, with a strong session volume of 47.90 million, according to data from Benzinga Pro.

The company announced new insights from additional recently received preclinical study data regarding the mechanism of action and toxicology data for its novel oral ketamine analog, Ketamir-2.

Ketamir-2 is MIRA’s drug candidate being investigated as a potential treatment for neurological and neuropsychiatric disorders. 

Related: Nano-Cap MIRA Pharmaceuticals’ Oral Ketamine Analog Shows Potential In Neuropsychiatric Disorders.

The new preclinical study results announced are the latest in a string of research developments progressing MIRA’s goal of submitting an Investigational New Drug Application (NDA) to the FDA for Ketamir-2 later this year.

The latest preclinical data reveals that Ketamir-2 is a selective inhibitor of the NMDA receptor of glutamate, the primary excitatory neurotransmitter in the human brain, specifically interacting at the PCP-binding site of the NMDA complex.

Ketamir-2 has a 30-50-fold lower affinity to the PCP site than ketamine.

The lower affinity is important because compounds may affect neurobehavioral functions at high affinity, potentially leading to side effects such as dissociation and hallucinations.

Unlike traditional ketamine, which also affects several other sites on the NMDA receptor and interacts with opioid receptors, dopamine and serotonin transporters, and various acetylcholine receptors, Ketamir-2 exhibits unique selectivity and does not interact with these additional receptor sites.

Recently conducted toxicology studies in rats and dogs have shown no toxicity at very high doses of Ketamir-2.

These findings underscore Ketamir-2’s favorable safety margin, further supported by its antidepressant and anxiolytic activities observed at oral doses five to tenfold lower than those tested in the toxicology studies.

The company says that Ketamir-2 could potentially be beneficial in treating conditions like depression, treatment-resistant depression (TRD), and post-traumatic stress disorder (PTSD).

Price Action: MIRA stock is up 38.8% at $3.27 at last check Thursday.

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