Rel­ma­da re­ports a PhI­II fail, blam­ing 'para­dox­i­cal' place­bo ef­fect — shares wiped

A Flori­da biotech at­tempt­ing to de­vel­op a rapid-act­ing an­ti­de­pres­sant ran face-first in­to a brick wall Thurs­day.

Rel­ma­da Ther­a­peu­tics re­port­ed a Phase III fail for its lead com­pound, REL-1017, in ma­jor de­pres­sive dis­or­der, not­ing the pro­gram did not sep­a­rate from place­bo af­ter 28 days in a de­pres­sion rat­ing scale mea­sur­ing se­vere episodes. Though the da­ta were nu­mer­i­cal­ly sim­i­lar, Rel­ma­da did not re­port a p-val­ue to il­lus­trate by how much REL-1017 whiffed.

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