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

- 12/9/2024

</head><body><p>(Reuters) - Relmada Therapeutics 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. </p><p>Its shares rose 6.3% to 48 cents in premarket trade.</p><p>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. </p><p>The drug was being tested in patients with major depressive disorder as an adjunct to be used along with other approved antidepressants.</p><p>Relmada said it had begun to explore strategic alternatives, without a timeline for the completion of the process.</p><p>The company had about $54.1 million in cash and its equivalents as of Sept. 30. Its market cap is $13.9 million.</p><p>Relmada said it will continue to test its metabolic disease treatment REL-P11, which is currently in early-stage development.</p><p/><p> (Reporting by Christy Santhosh in Bengaluru; Editing by Sriraj Kalluvila and Devika Syamnath)</p></body></html></p> <div id="news-wrapper"> <div class="thumbnail additional-resources client-content-image-box"> <div class="box-image" style="background-image: url(/images/home/news.jpg);"></div> <div class="caption"> <h3>Nationwide News</h3> <div> <p><a href='/aging/news-archive.aspx'>News Archive</a></p> </div> </div> </div> </div> </div> </div> </div> </section> </div>  <footer class="footer">  <div class="clearfix footerInfo"> <div class="container"> <div class="row"> <div class="col-sm-7 col-xs-12"> <div class="footerText"> <a href="http://www.trilogyir.com/" target="_blank" class="footerLogo"><img src="/images/Noc-Logo-white.png" alt="Footer Logo" style="width: 200px;"></a> <div class="genericContent" id="landingPageText"> <p>The Network of Care is a comprehensive, Internet-based community resource for seniors and persons with disabilities, as well as their caregivers and service providers.</p> </div> <h3 id="lblTechAssistance" style="color: #fff; 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Relmada discontinues late-stage trials for depression drug, explores sale