Tasman Therapeutics Inc, a newly incorporated clinical-stage pharmaceutical company, announced on Thursday that is planning to raise USD175m in Series A funding.

The new funding is intended to support the late-stage clinical development and eventual commercialisation of R-107, an innovative extended-release oral ketamine tablet being investigated as a monotherapy for patients with Treatment-Resistant Depression (TRD). According to Tasman, R-107 represents a potential breakthrough in addressing the needs of individuals living with difficult-to-treat depression.

Tasman's pivotal Phase 3 ROCKET Program is set to begin patient enrolment in the second half of 2025. This is intended to generate crucial data on the safety, onset of effect and durability of a novel oral ketamine monotherapy designed for at-home administration. Tasman aims to present its findings to the FDA in 2027, paving the way for potential commercialisation in 2028.