BUZZ-MIRA Pharmaceuticals jumps on positive preclinical data from marijuana-based pain relief drug

Reuters

Jul 03

BUZZ-MIRA Pharmaceuticals jumps on positive preclinical data from marijuana-based pain relief drug

** Shares of drug developer MIRA Pharmaceuticals MIRA.O rise 45.9% to $1.81 in extended trading

** Company says its experimental drug, Mira-55, a non-psychoactive marijuana analog showed morphine-comparable pain relief in a preclinical animal trial

** Mira-55 is a synthetic analog of marijuana designed to target CB2 receptors, which are associated with anti-inflammatory effects - MIRA

** In the trial the drug significantly reduced pain sensitivity and showed efficacy comparable to morphine, the opioid control - company

** Company says it previously received confirmation from the U.S. Drug Enforcement Administration that Mira-55 is not classified as a controlled substance, removing a key regulatory barrier to clinical development

** Company adds it continues to advance Mira-55 towards human trials

** Up to last close, stock up 8.8% YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))

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