01:04 PM EDT, 07/22/2024 (MT Newswires) -- MIRA Pharmaceuticals ( MIRA ) shares quadrupled in recent Monday trading after the company outlined more "promising" results on potential advantages of Ketamir-2 in treating neurological and neuropsychiatric disorders

Ketamir-2 may "penetrate the blood-brain barrier more effectively than traditional ketamine," and as an oral formulation, it "could potentially offer greater convenience and improved patient compliance if further studies confirm these benefits," the company said.

Tests show Ketamir-2 may reduce the potential risk of opioid-related side effects and dependency, the company said.

MIRA said the data would support a submission of an investigational new drug application to the US Food and Drug Administration by the end of the year. allowing for human testing if approved.

The company is analyzing Ketamir-2 as a treatment for depression, treatment-resistant depression and post-traumatic stress disorder.

MIRA said it was also undertaking additional preclinical studies to determine Ketamir-2's effectiveness in treating chemotherapy-induced depression and cancer-related neuropathic pain.

Price: 2.82, Change: +2.13, Percent Change: +309.41