MIRA Pharmaceuticals, a preclinical biotech developing a molecular synthetic THC analog for anxiety and neuro indications, raised the proposed deal size for its upcoming IPO on Friday.
The Baltimore, MD-based company now plans to raise $8 million by offering 1.2 million shares at $7. The company had previously filed to offer 1 million shares at a range of $6 to $8. At the revised terms, MIRA Pharmaceuticals will raise 20% more in proceeds than previously anticipated.
MIRA Pharmaceuticals 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.
MIRA Pharmaceuticals was founded in 2020 and plans to list on the Nasdaq under the symbol MIRA. Kingswood Capital Markets is the sole bookrunner on the deal.
