Relmada Therapeutics slumps as depression drug unlikely to meet main trial goal

Relmada Therapeutics

04/12/2024 13:28

** Shares of drug developer Relmada Therapeutics  RLMD.O 
fall 77.6% to 62 cents premarket
    ** Co says its depression treatment is "unlikely" to meet
the main goal of a late-stage trial, according to an independent
data monitoring committee's analysis
    ** Co was testing the treatment, REL-1017, as an additional
treatment for major depressive disorder to be used in
combination with other approved anti-depressants
    ** Based on these results, Relmada will evaluate the full
dataset to determine next steps for the REL-1017 program - RLMD
    ** Co had about $54.1 million in cash and cash equivalents
as of September 30, 2024
    ** Up to last close, stock down 33% YTD

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