NEW YORK, May 28, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Relmada Therapeutics, Inc. (“Relmada” or the “Company”) (NASDAQ: RLMD). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Relmada and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 13, 2022, Relmada announced the results of its RELIANCE III study (REL-1017-303), evaluating the drug REL-1017 as a monotherapy for Major Depressive Disorder. Relmada revealed that the RELIANCE III trial did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo on Day 28, as measured by the Montgomery-Asberg Depression Rating Scale (“MADRS”). Specifically, the REL-1017 treatment showed a MADRS reduction of 14.8 points at Day 28 versus 13.9 points for placebo, a higher-than-expected placebo response. Relmada described that “[p]aradoxical results were observed in certain study sites, where placebo dramatically outperformed REL-1017.”
On this news, Relmada’s stock price fell $25.22 per share, or 79.57%, to close at $6.48 per share on October 13, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980