Relmada Therapeutics, Inc.
The law firm of Kirby McInerney LLP is investigating potential claims against Relmada Therapeutics, Inc. (“Relmada” or the “Company”) (NASDAQ: RLMD). The investigation concerns whether Relmada and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Relmada is a clinical stage, public specialty pharmaceutical company that develops a variety of established drug products.
On October 13, 2022, Relmada announced the results of its RELIANCE III study, evaluating the drug REL-1017 as a monotherapy for major depressive disorder. Relmada revealed that the RELIANCE III trial did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo on Day 28, as measured by the Mongomery-Asberg Depression Rating Scale (“MADRS”). Specifically, the REL-1017 treatment showed a MADRS reduction of 14.8 points on Day 28 versus 13.9 points for the placebo, a higher-than-expected placebo response. Relmada described that “[p]aradoxical results were observed in certain study sites, where [the] placebo dramatically outperformed REL-1017.” On this news, the price of Relmada shares declined by $25.21 per share, or approximately 79.55%, from $31.69 per share to close at $6.48 on October 14, 2022.