Relmada Therapeutics Announces the Acquisition of Development and Commercial Rights to Novel Psilocybin and Derivates Program from Arbormentis LLC
NEW YORK, July 20, 2021 /PRNewswire/ -- Relmada Therapeutics, Inc. (Nasdaq: RLMD), a late-stage biotechnology company addressing diseases of the central nervous system (CNS), today announced the acquisition of development and commercial rights to a novel psilocybin and derivate program from Arbormentis LLC in all ex-Asia territories, including the U.S. and Europe. Relmada will collaborate with Arbormentis on the development of new therapies targeting neurological and psychiatric disorders, leveraging its understanding of neuroplasticity, and focusing on this emerging new class of drugs targeting the neuroplastogen mechanism of action. Importantly, neuroplasticity plays a key role in the activity of REL-1017, Relmada' s lead program, which is currently in Phase III for the treatment of depression.
Under the terms of the agreement, Relmada will pay Arbormentis LLC an upfront fee of $15 million, consisting of a mix of cash and equity, in addition to potential milestone payments totaling in excess of $150 million, related to pre-specified development and commercialization milestones. Arbormentis LLC is also eligible to receive a low single digit royalty on any commercialized therapy resulting from this agreement.
The development of REL-1017 is progressing as planned, and we continue to expect top-line data from the human abuse potential study assessing REL-1017 as compared to oxycodone in July 2021.
Arbormentis LLC is a privately-held drug discovery company engaged in potentially transformative innovations for CNS diseases. The new licensed program stems from an international collaboration among distinguished U.S., European and Swiss scientists that has focused on the discovery and development of compounds that promote neural plasticity. Dr. Paolo Manfredi, Relmada' s co-founder and Chief Scientific Officer and co-inventor of REL-1017, and Dr. Marco Pappagallo, Relmada' s Chief Medical Officer, are among the scientists of Arbormentis.
"Today's agreement furthers our commitment to identifying and advancing groundbreaking treatments to address diseases of the CNS. This transaction expands Relmada' s R&D pipeline and leverages our core expertise in neural plasticity. Additionally, this novel psylocibin program represents a strong strategic fit with REL-1017, our lead compound currently in Phase III for the treatment of major depressive disorder (MDD)," said Sergio Traversa, CEO of Relmada Therapeutics, Inc.
Dr Manfredi added, "My Arbormentis colleagues and I are excited and proud to bring this novel psilocybin platform into Relmada. We are thrilled to move forward with Relmada based on our confidence in the company's demonstrated clinical progress with REL-1017 and significant expertise in neural plasticity. This pipeline addition positions Relmada at the forefront of development of new therapies with neuroplastogen potential."
About Relmada Therapeutics, Inc.
Relmada Therapeutics is a late-stage biotechnology company addressing diseases of the central nervous system (CNS), with a focus on major depressive disorder (MDD). Our experienced and dedicated team is committed to making a difference in the lives of patients and their families. Relmada' s lead program, REL-1017, is a novel NMDA receptor (NMDAR) channel blocker that preferentially targets hyperactive channels while maintaining physiological glutamatergic neurotransmission. REL-1017 has entered late-stage development as an adjunctive treatment for MDD in adults. Learn more at www.relmada.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. This press release contains statements which constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to statements regarding the expected use of the proceeds from the offering. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described under the heading "Risk Factors" set forth in the Company's reports filed with the SEC from time to time. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Relmada undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results and that the risks described herein should not be a complete list.
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SOURCE Relmada Therapeutics, Inc.
Released July 20, 2021