MIRA Pharmaceuticals Shareholders Approve SKNY Acquisition

MIRA Pharmaceuticals has secured shareholder approval for the acquisition of SKNY Pharmaceuticals. This move aligns with MIRA's strategy to enhance its portfolio with innovative therapeutic solutions. SKNY-1, a promising oral candidate, has shown significant weight loss and nicotine craving reversal in preclinical trials. The acquisition, structured as a share exchange, could improve MIRA's financial stability with an additional $5 million in assets or cash from SKNY at closing. The merger holds a combined enterprise value exceeding $60 million, as per third-party valuations.

SKNY-1 targets the endocannabinoid system with a focus on appetite and craving modulation, aiming to minimize previous drug-induced psychiatric side effects. Notable results include a 30% body weight reduction and craving reversals. These findings suggest SKNY-1’s potential as a dual-purpose therapy for obesity and smoking cessation. MIRA's CEO emphasizes the significance of the shareholder vote as a step toward initiating IND-enabling studies. The obesity and smoking cessation markets are projected to grow significantly, offering strategic growth opportunities for SKNY-1.