Relmada's depression drug fails to meet late-stage study goal

Florida: Relmada Therapeutics Inc said on Thursday its therapy to treat major depressive disorder did not meet the main goal of a late-stage study.

The drug, REL-1017, did not show statistically significant improvement in symptoms of depression when compared to a placebo.

Relmada will continue to study REL-1017, it's lead treatment, as an adjunctive or in combination with other depression drugs.

Major depressive disorder is a chronic condition that makes patients feel low, and experience guilt and worthlessness. In extreme cases, it may lead to suicide.

Shares of the company, which had a market capitalization of nearly $1 billion as of Wednesday's close, were halted in premarket trading.