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Budding THC drug developer MIRA Pharmaceuticals prices IPO at $7

August 2, 2023

MIRA Pharmaceuticals, a preclinical developer of molecular synthetic THC analogs for anxiety and neurologic indications, raised $9 million by offering 1.3 million shares at $7.00, as expected.

The company originally filed to offer 1.0 million shares at a range of $6.00 to $8.00, before increasing the proposed share offering and guiding to a $7 anticipated offer price in an amended filing.

The Baltimore, MD-based company is focused on the development and commercialization of a new molecular synthetic THC analog for the treatment of adult patients with anxiety and cognitive decline typically associated with early-stage dementia. Its candidate, MIRA1a, selectively targets the cannabinoid type 1 and cannabinoid type 2 receptors, which are involved in a variety of physiological processes and responses. The company plans to submit its first IND for MIRA1a by the end of the 3Q24, targeting elderly patients suffering from anxiety with some cognitive decline, with a second IND planned for the treatment of chronic pain.

MIRA Pharmaceuticals plans to list on the Nasdaq under the symbol MIRA. Kingswood Capital Markets acted as sole bookrunner on the deal.