Relmada discontinues late-stage trials for depression drug, explores sale (updated)

Relmada Therapeutics

09/12/2024 13:07

(Adds trial data background in paragraphs 2,3, details in
paragraphs 4 to 6)
       Dec 9 (Reuters) - Relmada Therapeutics  RLMD.O  said on
Monday it would discontinue the two late-stage studies planned
for the development of its depression drug and explore strategic
alternatives including a sale. 
    Its shares rose 6.3% to 48 cents in premarket trade.
        The stock fell more than 70% last week after the company
said its depression drug, esmethadone, was "unlikely" to meet
the main goal of a late-stage trial. 
    The drug was being tested in patients with major depressive
disorder as an adjunct to be used along with other approved
antidepressants.
    Relmada said it had begun to explore strategic alternatives,
without a timeline for the completion of the process.
    The company had about $54.1 million in cash and its
equivalents as of Sept. 30. Its market cap is $13.9 million.
    Relmada said it will continue to test its metabolic disease
treatment REL-P11, which is currently in early-stage
development.
        
  

 (Reporting by Christy Santhosh in Bengaluru; Editing by Sriraj
Kalluvila and Devika Syamnath)
 ((Christy.Santhosh@thomsonreuters.com;))