MIRA's obesity drug candidate shows anti-anxiety effects in study

MIAMI - MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA), a $20.3 million market cap biotech company, announced new preclinical results for its obesity and nicotine addiction drug candidate SKNY-1, showing the compound reversed anxiety-related behavior in animal models. According to InvestingPro data, while MIRA has demonstrated strong stock performance with a 100% return over the past year, the company currently trades at a high Price/Book ratio of 15.7x.

The study used a light-dark preference test in zebrafish to measure anxiety responses. While a CB1 receptor activator increased anxiety-like behavior in the animals, SKNY-1 significantly reversed these effects, bringing behavior back to control or better-than-control levels.

SKNY-1, currently under definitive agreement for acquisition by MIRA, has previously demonstrated up to 30% weight loss, reversal of food and nicotine cravings, and muscle mass preservation in preclinical models.

"These findings are a significant step forward," said Erez Aminov, Chief Executive Officer of MIRA, in the press release. "The ability to suppress appetite and cravings while reversing anxiety-like effects is critical."

The results differentiate SKNY-1 from earlier CB1-targeting drugs like rimonabant, which were withdrawn from the market due to serious psychiatric side effects. According to the company, SKNY-1 targets the endocannabinoid system through multiple pathways, including biased CB1 antagonism and CB2 partial agonism.

The drug candidate also showed mild inhibition of MAO-B but no inhibition of MAO-A, which the company states is important as MAO-A inhibitors are associated with mood instability and safety concerns. While MIRA maintains strong liquidity with a current ratio of 12.86, InvestingPro analysis indicates the company’s overall financial health score remains weak, reflecting its pre-revenue development stage.

MIRA is preparing for shareholder approval related to the proposed acquisition of SKNY Pharmaceuticals, Inc. If approved, the company plans to initiate Investigational New Drug-enabling studies as the next step toward human clinical trials.

The obesity treatment market represents a significant opportunity, with the economic burden of obesity and related diseases estimated at $1.7 trillion annually in the U.S. alone, according to information provided in the company’s statement. For deeper insights into MIRA’s financial health and growth potential, including 5 additional ProTips and extensive financial metrics, visit InvestingPro.

In other recent news, MIRA Pharmaceuticals, Inc. reported promising preclinical results for its drug candidates SKNY-1 and Mira-55. SKNY-1, which is under a definitive agreement for acquisition from SKNY Pharmaceuticals, demonstrated significant effects in an animal model, showing up to 30% weight loss and reversing nicotine cravings without muscle loss. The company is preparing for shareholder approval for the acquisition, with plans to advance SKNY-1 toward Investigational New Drug (IND)-enabling studies. Mira-55, another drug candidate, showed pain relief comparable to morphine in preclinical models without causing inflammation or sedation, and it is not classified as a controlled substance by the U.S. Drug Enforcement Administration. MIRA Pharmaceuticals is advancing Mira-55 toward an IND submission for inflammatory pain indications. Additionally, the company raised $2 million through an at-the-market stock sale, facilitated by Rodman & Renshaw, to support its ongoing developments. The SEC has completed its review of the merger proxy for the SKNY acquisition without comment, allowing the company to proceed with final steps toward the transaction. These developments highlight MIRA Pharmaceuticals’ ongoing progress in drug development and strategic acquisitions.

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