** Shares of drug developer Relmada Therapeutics 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;))