MIRA Pharmaceuticals, Inc. ( MIRA ) shares are trading higher after the company said testing has confirmed its preliminary beliefs regarding a new potential treatment for neurological and neuropsychiatric disorders.

The Details: The company is currently evaluating a pharmaceutical drug, MIRA-55, as a possible treatment for anxiety and cognitive decline.

Preclinical tests showed promising results including stronger efficacy when compared to THC. Different dosage levels of THC may weaken its effectiveness, however, MIRA-55 maintained its efficacy across dosage levels.

In addition, the novel drug outperformed THC in reducing anxiety driven behaviors and demonstrated a promising safety profile, potentially safer for human therapeutic use.

“Our dedication to developing innovative treatments continues to drive our research and development efforts. We will be conducting additional preclinical studies to advance us closer to an Investigational New Drug (IND) application for MIRA-55,” said Erez Aminov, CEO and chairman of Mira Pharmaceuticals ( MIRA ).

Related Link: Analyst Expectations For Sage Therapeutics’s Future

MIRA Price Action: MIRA Pharmaceuticals ( MIRA ) stock is trading 30.5% higher at 76 cents at the time of publication per data from Benzinga Pro.

Image: 1569173 from Pixabay.