By Colin Kellaher
Relmada Therapeutics has put itself up for sale following the failure of the biotechnology company's lead asset in a late-stage study.
Relmada on Monday said it is ending Phase 3 studies of its REL-1017 program and exploring ways to maximize shareholder value on the heels of last week's news that one of the studies was unlikely to meet its primary endpoint in major depressive disorder.
Relmada said it is working to hire a financial adviser to assist in a strategic review process that will include a range of options, including a potential sale of the Coral Gables, Fla., company or its assets.
The company said it will also continue to advance a Phase 1 study of its REL-P11 investigational agent for the treatment of metabolic disease.
Relmada shares collapsed last week after the company disclosed the study failure, ending Friday's session at 45.8 cents, down about 85% for the week.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 09, 2024 07:59 ET (12:59 GMT)
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