Relmada antidepressant drug fails first of several late-stage clinical trials

Relmada Therapeutics said Thursday that its experimental treatment for depression failed to achieve the primary goals of a large clinical trial, a significant setback for the company’s only medicine in clinical development.

The drug, a pill called REL-1017, did not show a statistically significant, anti-depressive benefit compared with a placebo.

Relmada shares fell 85% to $4.75 in pre-market trading, dropping the company’s market value below the amount of cash on its books.

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