Relmada slumps as depression therapy fails study

Relmada Therapeutics

07/12/2022 22:20

** Shares of Relmada Therapeutics Inc  RLMD.O  drop ~35% to
$2.72 after market 
    ** Co says its experimental therapy, REL-1017, did not meet 
main goal of a late-stage study as an adjunctive treatment for
major depressive disorder
    ** In October, the drug failed a different late-stage trial
testing it as a single therapy for treating the disorder 
    ** Co says that as was observed in the drug's study as a
single therapy, "implausible results" were again observed in two
of the  study centers where placebo "dramatically outperformed"
REL-1017 
    ** Adds that it continues to enroll patients in another
late-stage trial; co says it is applying several protocol and
operational changes to the trial and making certain improvements
to how it is being conducted
    ** As of last close, stock down 81.5% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))