MIRA Pharmaceuticals (MIRA, Financial) shares soared by 40% after the company achieved a significant breakthrough in chemotherapy pain management with its new drug, Ketamir-2. According to recent studies, Ketamir-2 is proven to be 2% more effective than existing FDA-approved medications, specifically Gabapentin and Pregabalin, in alleviating chemotherapy-induced neuropathic pain. Preclinical studies have highlighted Ketamir-2's superior performance, demonstrating a 60% higher efficacy compared to Gabapentin and a remarkable 112% improvement over Pregabalin in various neuropathic models.
Chronic neuropathic pain, in particular, which develops from nerve damage caused by chemotherapy or injury, has only Gabapentin and Pregabalin available as effective therapy now. Alas, such medications are not without their drawbacks, which include dizziness, impairment of cognitive function, and dependency inclusion. The market for both Gabapentin and Pregabalin is going to have healthy growth rates in the forecast period of 2020 to 2033, with Gabapentin reaching $4.95 Billion.
Ketamir-2's superior performance in preclinical studies is coupled with fewer adverse side effects, presenting a potentially safer option for long-term pain management. This non-opioid alternative addresses the urgent need for treatments that minimize the risk of addiction. With its promising results, Ketamir-2 may soon qualify for FDA breakthrough therapy designation or fast-track status, especially for rare cancer-related neuropathic pains.
In addition to ketamine-2, MIRA Pharmaceuticals is also active in developing MIRA-55, an oral agent with a similar mechanism as ketamine-2 used in the treatment of anxiety and cognitive symptoms in early dementia. With Ketamir-2 moving towards clinical trial and possibly receiving expedited approval by the FDA, it becomes a true light at the end of the tunnel for those suffering from chronic and severe pain.
