Pre-clinical-stage pharmaceutical company MIRA Pharmaceuticals Inc (NASDAQ:MIRA) on Monday unveiled promising preclinical results for Ketamir-2, its oral ketamine analog.

Unlike traditional ketamine, Ketamir-2 does not induce hyperlocomotor activity, a potential sign of psychosis. This suggests safer treatment for mental health conditions.

The data builds on positive efficacy results released earlier in June. MIRA plans to submit an Investigational New Drug Application (IND) to the US Food and Drug Administration (FDA) by year-end to progress Ketamir-2 to clinical trials.

MIRA sees Ketamir-2 as a potential treatment for various mental health disorders and neuropathic pain. With a high financial burden associated with treatment-resistant depression, Ketamir-2 could lead to substantial cost savings in healthcare by providing a more efficient and safer treatment alternative.