Shares of biotechnology company Relmada Therapeutics (NASDAQ:RLMD) have jumped over a cliff today on topline data from its Phase 3 study of REL-1017 for the treatment of major depressive disorder.
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The drug fell short of achieving a statistically significant improvement in symptoms of depression, its primary endpoint.
Moreover, in certain study sites, the placebo delivered better results than REL-1017.
Meanwhile, the company is continuing enrolments in the other two Phase 3 trials of the drug as a possible adjunctive treatment for major depressive disorder.
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