08:05 AM EST, 12/04/2024 (MT Newswires) -- Relmada Therapeutics Inc ( RLMD ) said Wednesday that an Independent Data Monitoring Committee has determined that a late-stage study of REL-1017 as an adjunctive treatment for major depressive disorder is "futile."

The committee said trial is unlikely to meet the primary efficacy endpoint with statistical significance.

"We are disappointed with the outcome of this interim analysis," the company quoted its chief executive officer, Sergio Traversa, as saying in a statement. "Based on these results, Relmada will evaluate the full dataset to determine next steps for the REL-1017 program."

The company's shares were down more than 70% in recent premarket activity.

Price: 0.6100, Change: -2.16, Percent Change: -77.60