09:28 AM EDT, 05/29/2024 (MT Newswires) -- Mira Pharmaceuticals ( MIRA ) said Wednesday that the US Drug Enforcement Administration has determined that the company's Mira-55 pharmaceutical marijuana analog is not a controlled substance nor a listed chemical under the Controlled Substance Act.

Mira-55 is under investigation to treat adult patients with neuropathic pain as well as anxiety and cognitive decline due to early-stage dementia, the company said.

In preclinical studies, Mira-55 showed it can "improve memory by 100% in wild-type mice," the pharmaceutical company said.

Mira Pharmaceuticals' ( MIRA ) shares were 4.8% higher in recent premarket activity.

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