Relmada Therapeutics explores strategic options; shares up

Relmada Therapeutics

09/12/2024 15:58

** Shares of drug developer Relmada Therapeutics  RLMD.O 
rise 4.9% to 48 cents  
    ** Co says it has commenced a process to explore strategic
alternatives after discontinuing two late-stage studies planned
for the development of its depression drug
    ** Co plans to consider a wide range of options including
sale of company assets, a sale of the company, a merger or a
reverse merger; adds it has not set a timetable for completion
of the evaluation process
    ** Says co is in the process of engaging a financial advisor
to assist in the strategic review process
    ** 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 
    ** Including session moves, stock down 88.4% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))