Relmada Therapeutics, Inc. (Nasdaq: RLMD), a clinical-stage company based in Coral Gables, Florida, announced a private placement financing expected to generate gross proceeds of approximately USD 160 million, before placement agent fees and offering expenses. The PIPE financing was described as oversubscribed. The transaction is expected to close on or about March 11, 2026, subject to customary closing conditions. Relmada stated it intends to use net proceeds, together with existing cash, cash equivalents, and short-term investments, for working capital and general corporate purposes, including advancement of research and development of its product candidates.
Under the terms of 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 pre-funded warrant. The pre-funded warrants carry an exercise price of USD 0.001 per share. Fourteen institutional investors participated in the RLMD private placement: 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 served as placement agents. The press release did not specify whether company insiders participated.
Company Overview and Pipeline
Relmada Therapeutics is focused on developing therapies for oncology and central nervous system conditions. The company's pipeline has undergone a strategic shift following the termination of two Phase III trials of its former lead asset, REL-1017 (esmethadone), an NMDA receptor antagonist for major depressive disorder. Several other Phase III REL-1017 studies have been completed, and an expanded access program remains listed. REL-1017 Phase III trials evaluated changes in MADRS10 total score as a primary endpoint.