Relmada Therapeutics (RLMD) said Friday initial results from a phase 2 trial of NDV-01 for bladder cancer were positive.

The study, which was presented at the annual meeting of the American Urology Association, showed that 90% of patients achieved high-grade disease-free status after treatment, supporting NDV-01's potential as a new therapy for non-muscle invasive bladder cancer, the company said.

At the three-month mark, 85% of patients responded to treatment, and all patients with carcinoma in situ showed a complete response, it added.

At six months, all seven patients who were evaluated remained disease-free, including one who needed a second treatment at three months, according to the company.

The drug was generally safe and well-tolerated, with only mild side effects like urinary urgency and slight pain, which resolved within a day, Relmada said.

Shares of the company were down over 41% in recent trading.

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