A biotech company focused on short-duration psychedelic-assisted therapies for mental health conditions announced positive top-line results from the first placebo-controlled efficacy study exploring a short-duration psychedelic for the treatment of major depressive disorder.

In a fireside chat at the 41st J.P. Morgan Healthcare Conference in San Francisco, CEO Rick Gonzalez said AbbVie is well-positioned for continued growth.

Among updates from several pharma companies, Sanofi CEO Paul Hudson presented the company’s outlook for the new year, highlighting upcoming milestones and achievements that mark what he called the “new Sanofi.” 

Relmada Therapeutics Inc’s experimental treatment for major depressive disorder failed a keenly anticipated late-stage study, sending the drug developer’s shares plunging 85% in premarket trading.