Relmada Therapeutics (Nasdaq: RLMD), based in Coral Gables, Florida, announced a USD 160 million private placement financing expected to close on or about March 11, 2026, providing capital as the company advances oncology and rare disease programs following the termination of Phase III trials of its former lead depression therapy REL-1017. The PIPE financing was described as oversubscribed. Relmada said the proceeds, together with existing cash, cash equivalents, and short-term investments, will be used for working capital and general corporate purposes, including advancing research and development activities across its pipeline.
Under the securities purchase agreement, Relmada is selling 29,474,569 shares of common stock at a purchase price of USD 4.75 per share and pre-funded warrants to purchase 4,210,527 shares of common stock at a purchase price of USD 4.749 per warrant. The pre-funded warrants carry an exercise price of USD 0.001 per share. Fourteen institutional investors participated in the financing, including Venrock Healthcare Capital Partners, Commodore Capital, Janus Henderson Investors, RA Capital Management, Balyasny Asset Management, OrbiMed, Spruce Street Capital, Squadron Capital Management, Columbia Threadneedle Investments, Adage Capital Management, Marshall Wace, Braidwell LP, Great Point Partners, and Eventide Asset Management. Jefferies, Leerink Partners, Piper Sandler, and Mizuho acted as placement agents. The company did not disclose whether insiders participated in the transaction.
Company overview and pipeline
Relmada Therapeutics is developing therapies for oncology and central nervous system conditions. The company has repositioned its pipeline following the discontinuation of Phase III development of REL-1017 (esmethadone), an NMDA receptor antagonist that had been evaluated for major depressive disorder. Several Phase III studies of REL-1017 had used change from baseline in MADRS10 total score as the primary endpoint.
The company’s current pipeline centers on NDV-01, an intravesical formulation of gemcitabine and docetaxel being developed for non-muscle invasive bladder cancer. A Phase II single-arm study of NDV-01 in high-grade NMIBC is currently recruiting in Israel with an estimated enrollment of 70 patients. A Phase III registration-track study in intermediate-risk NMIBC with an estimated enrollment of 302 patients is planned to begin in May 2026, with disease-free survival as a primary endpoint.
Relmada expanded its CNS pipeline in February 2025 through the acquisition of sepranolone from Asarina Pharma for USD 3 million. Sepranolone is a GABA-A modulating steroid antagonist under development for Tourette syndrome, Prader-Willi syndrome, essential tremor, and other compulsivity-related disorders. The company has stated that a Phase II study of sepranolone in Prader-Willi syndrome is planned for the first half of 2026.
In addition to these programs, Relmada holds rights outside Asia to a psilocybin and derivatives program acquired from Arbormentis LLC in 2021 for USD 15 million in upfront consideration consisting of cash and equity. The financing announced this week is expected to support development activities across these programs as Relmada advances new clinical studies in oncology and CNS disorders.
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