Relmada Therapeutics In-Licenses Psilocybin Program From Arbormentis

Relmada Therapeutics Inc RLMD has acquired the development and commercial rights to novel psilocybin and derivate program from Arbormentis LLC in all ex-Asia territories, including the U.S. and Europe.
Relmada will collaborate with Arbormentis to develop new therapies targeting neurological and psychiatric disorders.
This psilocybin program represents a strong strategic fit with Relmada's lead program, REL-1017, currently in Phase 3 to treat depression.
Under the terms of the agreement, Relmada will pay Arbormentis an upfront fee of $15 million in cash and stock, in addition to potential milestone payments of up to $150 million.
Arbormentis is also eligible to receive a low single-digit royalty on any commercialized therapy resulting from this agreement.
Price Action: RLMD shares are up 1.35% at $30.86 during the market session on the last check Tuesday.