MIRA Pharmaceuticals Inc. (NASDAQ:MIRA) shares closed higher Friday following the announcement of promising new preclinical data for its lead development product, Ketamir-2.

What To Know: The data, which will be presented at the 18th Annual Pain Therapeutics Summit in Boston this October, shows that Ketamir-2 achieved a 100% reversal of neuropathic pain in preclinical models. Ketamir-2, a novel oral Ketamine analog, selectively targets the PCP site of the NMDA receptor, offering enhanced efficacy with fewer side effects compared to traditional ketamine treatments.

Neuropathic pain, often caused by nerve damage or dysfunction, remains a major challenge in pain management due to the limitations of existing therapies and the potential for Ketamir-2 to offer full normalization of pain responses marks a significant advancement. The data will be presented by Dr. Itzchak Angel, Chief Scientific Advisor of MIRA Pharmaceuticals, at the summit.

MIRA Pharmaceuticals remains focused on advancing the development of Ketamir-2 and is planning to submit an Investigational New Drug (IND) application to the FDA by December 2024. The company is aiming to demonstrate the efficacy of Ketamir-2 in humans by 2025, with Phase I/II studies designed to validate its clinical effectiveness in treating neuropathic pain and other neurological conditions.

MIRA Price Action: Mira shares closed up 8.41% at $1.16 at the time of writing, according to Benzinga Pro.

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