Cannabinoid-based drug developer Mira files for $16M IPO

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Mira Pharmaceuticals (MIRA) has filed to raise around $16M through an initial public offering.

While Mira didn’t specify terms, it did indicate in its filing fee schedule that it was seeking approximately $16M.

The biotech company hopes to list its shares on Nasdaq under the symbol MIRA. Kingswood Investments is serving as lead bookrunner.

Based in Maryland, Mira’s lead drug, MIRA1a, is based on the cannabis-derived compound THC.

Mira plans to file an Investigational New Drug application with the US Food and Drug Administration in late Q3 2024 to begin clinical testing of the drug in the treatment of elderly people with anxiety and some cognitive decline. The company also hopes to file a second IND to study the product in the treatment of chronic pain.

The biotech company is still in the development stage. For 2022, it reported a net loss of $7M with no revenue.