Seelos Therapeutics Inc. (NASDAQ: SEEL) stock declined by 24.28% at the last close whereas the SEEL stock price surge by 4.07% in the pre-market trading session. Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical corporation dedicated to the discovery and production of new therapeutics to meet the unmet medical needs of patients suffering from CNS conditions and other rare diseases.
What is happening?
SEEL today reported promising results from Part 1 of its theoretically registrational Actual evidence trial of SLS-002 (intranasal racemic ketamine) in patients with Major Depressive Disorder, showing a substantial therapeutic benefit and a well-tolerated safety and efficacy for Acute Suicidal Ideation and Behavior (ASIB) (MDD).
This study included 17 subjects identified with MDD who required psychiatric hospitalization due to a huge risk of suicide and had an average score of ≥ 28 on the Montgomery-Asberg Depression Rating Scale (MADRS), a score of 5 or 6 on MADRS Item-10, a score of ≥ 15 on the Sheehan-Suicidality Tracking Scale (S-STS) total score, and a history of a previous suicide attempt.
SLS-002, intranasal racemic ketamine with investigational new drug formulations for the prevention of ASIB in MDD or Post-Traumatic Stress Disorder. SLS-002 was developed from a Javelin Pharmaceuticals, Inc. / Hospira, Inc. program that included 16 clinical trials affecting over 500 people. SLS-002 is being created to fill a need in the treatment of suicidality in the United States.
Raj Mehra, Ph.D., Chairman and CEO of Seelos commented:
SLS-002 could be an appropriate treatment for the large unmet need of acute suicidality in major depression due to its rapid and clinically meaningful effectiveness as an anti-depressive and anti-suicidal therapeutic after a single dose. These are tough times in our fight against the suicide crisis, which has been compounded by the global pandemic of COVID-19, and SLS-002 could help patients get effective care.