Shares of Seelos Therapeutics (SEEL) soared on Tuesday after the company secured a significant agreement with the U.S. Army Medical Materiel Development Activity (USAMMDA). This agreement will see Seelos supplying its intranasal racemic ketamine drug, SLS-002, for a crucial clinical trial conducted by the Department of Defense.
This clinical trial, known as the Military and Veterans Adaptative Platform Clinical Trial for PTSD, will delve into the effectiveness, safety, and tolerability of SLS-002 in treating military personnel and veterans suffering from Post-Traumatic Stress Disorder (PTSD). The Department of Defense’s Health agency is funding this comprehensive study, which will be spearheaded by the USAMMDA’s Warfighter Readiness, Performance, and Brain Health Project Management Office.
The trial is designed to span 16 weeks, with a 30-day screening phase followed by a 12-week treatment period and concluding with a 4-week safety follow-up. The effectiveness of SLS-002 will be assessed through a variety of methods, including the Clinician-Administered PTSD Scale-5-Revised.
Seelos CEO Raj Mehra expressed his enthusiasm for the inclusion of SLS-002 in this study. He highlighted the urgency for new PTSD treatments, stating, “Approximately 13 million people in the U.S. live with PTSD and there have been no new drugs approved in the last two decades for people suffering the effects of PTSD.” He went on to say, “I believe that the inclusion of SLS-002 in this study is due to the robust amount of anecdotal evidence that ketamine has the potential to be an effective therapeutic for the symptoms of PTSD and other related conditions. Our data to date with SLS-002 suggest that its intranasal formulation could provide a rapid onset of benefit while mitigating the side effects seen through the other routes of administration of ketamine. We are proud to be included in this study and look forward to commencing the dosing of SLS-002.”
This significant development has sent ripples through the market, with Seelos Therapeutics stock skyrocketing by 72.3% to 32 cents per share at the time of writing. This remarkable surge underscores the potential impact of this clinical trial and the hope it brings to those struggling with PTSD.
