Business
Relmada Therapeutics Provides Corporate Update and Reports Second Quarter 2021 Financial Results
NEW YORK, Aug. 10, 2021 /PRNewswire/ -- Relmada Therapeutics, Inc. (Nasdaq: RLMD), a late-stage biotechnology company addressing diseases of the central
About this update from Relmada Therapeutics, Inc.
[{"type":"text","content":"NEW YORK, Aug. 10, 2021 /PRNewswire/ -- Relmada Therapeutics, Inc. (Nasdaq: RLMD), a late-stage biotechnology company addressing diseases of the central nervous system (CNS), today provided a corporate update and announced financial results for the three and six months ended June 30, 2021.\n\n \n \n \n \n \n \n\n \n\"The multiple clinical studies that comprise RELIANCE, the pivotal Phase 3 program for REL-1017 as a potential adjunctive treatment for the treatment of major depressive disorder (MDD), continue to progress,\" said Sergio Traversa, Relmada's Chief Executive Officer. \"The program was further advanced with the clear results of the human abuse potential (HAP) study that reenforced the safety findings of the clinical program to date, establishing a highly statistically significant separation from the active control. Looking ahead, we anticipate multiple key data readouts over the next 12 months, and have added a potential long-term growth driver with the acquisition of development and commercial rights to a novel psilocybin and derivate program. Importantly, our robust R&D initiatives are supported by a strong balance sheet.\"\nRecent Corporate Highlights\nAnnouncement of top-line results of the HAP study comparing REL-1017 to oxycodone and placebo, confirming the absence of any meaningful opioid abuse liability of REL-1017. Acquisition of development and commercial rights to a novel psilocybin and derivate program from Arbormentis LLC in all ex-Asia territories, including the U.S. and Europe focusing on neurodegenerative disorders. Presentation of three posters highlighting preclinical and clinical data for REL-1017 at the College on Problems of Drug Dependence 83rd Annual Meeting, and the 2021 American Society of Clinical Psychopharmacology Annual Meeting.Second Quarter 2021 Financial Results\nResearch and development expenses for the second quarter ended June 30, 2021, totaled $17.3 million, compared to $5.3 million in the second quarter ended June 30, 2020. The increase was primarily driven by increased costs associated with preparing and conducting RELIANCE, the Company's Phase 3 program for REL-1017. General and administrative expenses for the second quarter ended June 30, 2021, totaled $9.1 million, up from $7.4 million in the second quarter ended June 30, 2020. The increase was primarily driven by increases in p...