MIRA Pharmaceuticals to Participate in 6th Annual Cannabinoid-Derived Drug Development Summit

BALTIMORE, Aug. 31, 2023 /PRNewswire/ -- MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) ("MIRA" or the "Company"), a pre-clinical-stage pharmaceutical company focused on the development and commercialization of a novel synthetic THC analog named MIRA1a, will participate in the 6^th Annual Cannabinoid-Derived Drug Development Summit taking place September 11-13, 2023 in Boston, MA.

Dr. Adam Kaplin, President and Chief Scientific Officer of MIRA Pharmaceuticals, will be featured as a keynote speaker during the conference. Dr. Kaplin will be discussing the development of MIRA1a, and its unique pharmacodynamic properties in conjunction with preclinical studies findings, which taken together suggest that: 1) MIRA1a has anti-anxiety effects that minimize the risk of increased anxiety at higher doses seen with THC, 2) MRIA1a lacks the side effects seen with THC in animal models of psychosis, which translates into paranoia in humans, and 3) MIRA1a is able to significantly enhance cognitive performance when given once immediately before testing, a finding not previously seen with cannabinoids.

Dr. Kaplin will be presenting research on MIRA1a demonstrating that it is a novel compound with a distinct pharmacodynamic profile, acting as a partial agonist at the CB1 receptor and a potent agonist at the CB2 receptor. Unlike THC, which exhibits a biphasic dose response and associated varying effects on anxiety, MIRA1a's partial agonism at CB1 results in a monophasic dose response, suggesting a more stable anti-anxiety effect across its dosage range. Preclinical tests indicate that MIRA1a does not produce catalepsy in mice, suggesting it will sidestep the psychosis-like side effects commonly seen with THC. Moreover, MIRA1a's potency is 8 times and 30 times higher as an agonist at the CB2 receptor than THC and CBD, respectively, which predicts it will have robust anti-neuropathic, anti-inflammatory, and neuroprotective properties. Most intriguingly, MIRA1a has been shown to improve cognitive performance, offering a promising avenue for the treatment of cognitive impairments like dementia.

About MIRA Pharmaceuticals, Inc.

MIRA Pharmaceuticals, Inc. (Nasdaq: MIRA) is a pre-clinical-stage pharmaceutical development company developing an unscheduled novel synthetic THC analog. This novel compound is currently under investigation for treating adult patients suffering from anxiety and cognitive decline, often associated with early-stage dementia. MIRA1a, if approved by the FDA, could mark a significant advancement in addressing various neuropsychiatric, inflammatory, and neurologic diseases and disorders. Based on pre-clinical and animal studies conducted by the Company, the Company believes that MIRA1a may enhance the therapeutic potential for treating anxiety, cognitive decline, and neuropathic pain without the side effects of plant-based THC. Furthermore, the Company's studies indicate that MIRA1a may counteract the adverse cognitive effects often seen with THC, thereby potentially unmasking previously unseen positive therapeutic effects, such as cognitive performance enhancement.

The U.S. Drug Enforcement Administration (DEA)'s scientific review of MIRA1a concluded that MIRA1a would not be considered a controlled substance or listed chemical under the Controlled Substances Act (CSA) and its governing regulations.

Additional information about the Company is available at: www.mirapharmaceuticals.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company's current expectations. These forward-looking statements include, without limitation, references to the Company's expectations regarding the closing of the public offering and its anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering, or factors that result in changes to the Company's anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company's Registration Statement on Form S-1, as amended, related to the public offering (SEC File No. File No. 333-273074). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

SOURCE MIRA Pharmaceuticals, Inc.