Shares of Seelos Therapeutics (NASDAQ:SEEL) more than doubled, reaching a nearly two-month high of $0.45, following the company's announcement of an agreement with a U.S. Army unit to supply its drug candidate, SLS-002.
The ketamine-based drug is being developed for the treatment of post-traumatic stress disorder (PTSD).
SLS-002 will be tested in a mid-stage study on active-duty service members and veterans with PTSD, a disorder that affects approximately 13 million Americans.
The trial, funded by the U.S. Department of Defense’s health agency, is expected to begin dosing participants before the end of 2024.
Despite the recent surge, Seelos' share price remains down roughly 96% year-to-date.