You made it to hump day, Baltimore. Hope those of you with tickets to "
AI in A Minor" have a great and insightful time! Today, I'm here with a story about an initial public offering so big, we have to talk about how ... high it is (it's a silly pun, but bear with me).
You might remember when reporter Alanah Nichole Davis wrote about MIRA Pharmaceuticals, the Baltimore-based pharmaceutical company working on a synthetic THC analog for chronic pain and other conditions, filing to go public on the Nasdaq. Well, according to the Baltimore Biz Journal, the drug developer is
officially listed on the world's second-largest stock exchange as of today. Moreover, the BBJ reports that the company raised $8.9 million from this IPO — nearly $2 million more than the $7.1 million its bell-ringing executives initially hoped to raise.
This appears to be the most notable and potentially highest (get it?!) financial move ever for a Maryland cannabis-related company. And with it, MIRA's faring far better than Gaithersburg-based pharma company
Emergent BioSolutions, which the Baltimore Banner today reported is laying off 211 workers from its plant in East Baltimore. For reference, this is the same company where manufacturing issues botched millions of COVID-19 vaccines at this plant back in 2021. The company is still in the pharma game and producing vaccines, but pivoting from this particular income stream.
What do you think about either piece of news? Do you think the biotech game is shifting in Baltimore as COVID grows less urgent and cannabis legalization opens more doors? Let us know by emailing baltimore@technical.ly or responding to this email.
— Technical.ly editor Sameer Rao (sameer@technical.ly)
