8-K
filed November 20, 2023, 6:59 PM ET
ticker MIRA
CIK 0001904286
other material
confidence high
sentiment positive
materiality 0.82
MIRA PHARMACEUTICALS, INC. (MIRA): debt financing — MIRA Pharma licenses Ketamir-2, gets $3M loan from MIRALOGX; appoints new director
MIRA PHARMACEUTICALS, INC.
- Exclusive license for Ketamir-2 (oral ketamine analog) in North America; $100k upfront, 8% royalties.
- MIRALOGX provides $3M line of credit to fund Ketamir-2 IND development; 8% interest, one-year term.
- MIRA issues warrant for 700k shares at $2.00 per share, exercisable through Nov 15, 2028.
- Michael Jerman appointed to Board, Audit Committee, and Compensation Committee effective Nov 14, 2023.
- DEA determined Ketamir-2 is not a controlled substance; potential for home self-administration.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
MIRA PHARMACEUTICALS, INC. incurred loan of up to $3.0 million with MIRALOGX at annual fixed rate of 8% maturing November 15, 2023.
- Instrument
- loan
- Principal
- up to $3.0 million
- Counterparty
- MIRALOGX
- Rate
- annual fixed rate of 8%
- Maturity
- November 15, 2023
- Event
- incurrence
Exact text from the filing
On November 15, 2023, the Company entered into a Promissory Note and Loan Agreement (the "Loan Agreement") with MIRALOGX. Pursuant to the Loan Agreement, the Company may borrow up to $3.0 million from MIRALOGX to fund the development of licensed products under the License Agreement (the "Loan").
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Jerman was appointed as Director at MIRA PHARMACEUTICALS, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
On November 14, 2023, the Board of Directors of the Company increased the number of directors on the Board from 7 directors to 8 directors and unanimously approved the election and appointment of Mr. Michael Jerman to the Board.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
MIRA PHARMACEUTICALS, INC. entered into Promissory Note and Loan Agreement with MIRALOGX, LLC valued at Up to $3.0 million borrowing capacity; interest at 8% per annum; one-year term; repayment due Novemb (effective 2023-11-15).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- MIRALOGX, LLC
- Value
- Up to $3.0 million borrowing capacity; interest at 8% per annum; one-year term; repayment due Novemb
- Effective
- 2023-11-15
Exact text from the filing
On November 15, 2023, the Company entered into a Promissory Note and Loan Agreement (the “Loan Agreement”) with MIRALOGX. Pursuant to the Loan Agreement, the Company may borrow up to $3.0 million from MIRALOGX to fund the development of licensed products under the License Agreement (the “Loan”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
MIRA PHARMACEUTICALS, INC. entered into Exclusive License Agreement with MIRALOGX, LLC valued at $100,000 upfront payment plus quarterly royalties of 8% of net sales and 8% of other revenue; issuan (effective 2023-11-15).
- Action
- entry
- Agreement
- license
- Counterparty
- MIRALOGX, LLC
- Value
- $100,000 upfront payment plus quarterly royalties of 8% of net sales and 8% of other revenue; issuan
- Effective
- 2023-11-15
Exact text from the filing
On November 15, 2023 (the “Effective Date”), MIRA Pharmaceuticals, Inc. (the “Company”) and MIRALOGX, LLC, a Florida limited liability company (“MIRALOGX”), entered into an exclusive license agreement (the “License Agreement”) to develop and commercialize a drug product containing 2-(2- chlorophenyl)-2-(methylamino) cyclopentan-1-one (sometimes referred to by the Parties as “M209” or “KETAMIR-2”) (“the Product”) as an active agent in North America.
View on SEC.gov
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