MIRA Pharmaceuticals, Inc. ( MIRA ) shares soared to $1.87, an approximate 50.8% jump, during after-hours trading on Wednesday.

What Happened: After the announcement of Mira-55, a synthetic analog of marijuana, providing pain relief comparable to morphine, the stock value of MIRA Pharmaceutical exploded, signaling an aggressive investor buying.

Mira-55, engineered to selectively activate CB2 receptors, displayed minimal activity at CB1 receptors, thus avoiding psychoactive side effects. In a formalin-based rodent model, the drug significantly reduced pain sensitivity and showed efficacy comparable to morphine, without any sedative or inflammatory effects.

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The U.S. Drug Enforcement Administration (DEA) has confirmed that Mira-55 is not a controlled substance, removing a significant regulatory barrier to its clinical development. The company is now advancing Mira-55 towards an Investigational New Drug (IND) submission, with development efforts supporting future clinical trials in inflammatory pain indications.

Chairman and CEO of MIRA,  Erez Aminov noted, "With Mira-55 and Ketamir-2, we believe we're building a differentiated, non-opioid pain franchise with the potential to treat two of the largest and most underserved pain markets," 

Why It Matters: The promising results of Mira-55 is an advancement for MIRA Pharmaceuticals ( MIRA ), which has been making strides in the pain management sector. In May, the company’s lead program, Ketamir-2, showed no brain toxicity in an FDA-mandated study. This was followed by the company’s announcement in March that it was expanding its pain management portfolio with the formulation of Ketamir-2 as a topical treatment for localized neuropathic and inflammatory pain.

Furthermore, MIRA Pharmaceuticals’ acquisition of SKNY Pharmaceuticals, the developer of SKNY-1, a novel investigational therapy targeting obesity and nicotine addiction, is also expected to enhance its value proposition. The company’s announcement in June that SKNY-1 demonstrated a 30% reduction in body weight without muscle loss, along with a reversal of nicotine cravings, further supported the advancement of SKNY-1 toward Investigational New Drug (IND)

Price Action: According to Benzinga Pro data, MIRA Pharmaceuticals ( MIRA ) stock closed at $1.24, up 2.48% but soared to $1.87 with a massive spike of 50.81% during after-hours trading.

Benzinga’s Edge Stock Rankings indicates MIRA Pharmaceuticals ( MIRA ) with a momentum of 91.78 shows high recent price strength. Find out the stock value of pharmaceutical companies.enabling studies.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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