Relmada Therapeutics Inc. shares (NAS:RLMD) soared 137% Tuesday, after the clinical-stage biotech reported positive results from a midstage trial of a treatment for depression. New York-based Relmada said the Phase 2 trial of REL-1017 showed statistically significant improvement for patients suffering from treatment resistant depression versus placebo. "We are very pleased to announce these highly compelling results," said Dr. Ottavio Vitolo, Relmada head of R&D and CMO. "This is the first clinical evidence that REL-1017 exerts a rapid and robust antidepressant effect, which continues even after treatment discontinuation." REL-1017, or dextromethadone, is a rapidly acting oral agent that works as an NMDA receptor antagonist and on the same binding site as ketamine, but without the side effects that are associated with ketamine. The U.S. Food and Drug Administration has granted the drug fast track designation. Shares have gained 476% in 2019, while the S&P 500 (S&P:SPX) has gained 19%.
Oct. 15, 2019, 11:26 a.m. EDT