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Tasman Therapeutics
Tasman Therapeutics is a private US clinical-stage company developing R-107 — a once-daily oral extended-release ketamine tablet targeting treatment-resistant depression. A spinout of Douglas Pharmaceuticals (New Zealand's largest pharma company), Tasman operates as an independently financed US entity led by CEO Dan Browne (co-founder of Revance Therapeutics). Phase 2 BEDROC trial results published in Nature Medicine (March 2024): ~75% remission within one week, 6.1-point MADRS reduction vs. placebo at 12 weeks, median dissociation score of zero (no clinically significant dissociation), 90% continuance into OLE. A 106-patient compassionate supply cohort has taken R-107 at home for an average >2 years without dissociation or monitoring requirements. Phase 3 ROCKET Program (US, EU, international sites) is enrolment-ready; $175M Series A announced April 2025. FDA submission targeted 2027, potential commercialisation 2028. Peak sales projected >$2B.
Development Programmes
2R-107
KetamineTreatment-resistant depression — oral extended-release racemic ketamine tablet designed for unsupervised at-home self-administration
Programme Tracker
Treatment-Resistant Depression (TRD)
ROCKET Phase 3 pivotal trial enrollment started H2 2025. BEDROC Phase 2 published in Nature Medicine (2024). 106 patients in open-label compassionate supply >2 years with no dissociation or significant AEs. Raising $175M Series A for Phase 3 and commercialisation. FDA submission targeted 2027.
Milestones
Phase II topline
CompletedActual: Jun 1, 2024
BEDROC Phase 2 results (ACTRN12618001042235, n=231 randomised) published in Nature Medicine: 180mg dose showed -6.1 MADRS reduction vs placebo (p=0.019); ~75% remission within 1 week; relapse rate 42.9% vs 70.6% placebo; >96% at-home compliance; minimal dissociation
Why it matters: The Nature Medicine publication is a landmark for oral ketamine — the first large-scale RCT demonstrating efficacy and safety of unsupervised at-home oral extended-release ketamine for TRD. The ~75% remission rate and minimal dissociation address the two main barriers to ketamine adoption: the need for clinical supervision and dissociative side effects. This is fundamentally different from IV ketamine or intranasal esketamine (Spravato), which both require clinic administration.
Watch next: ROCKET Phase 3 topline data; $175M Series A close confirmation
Phase III started
CompletedActual: Apr 1, 2025
ROCKET Phase 3 pivotal programme announced; enrollment beginning H2 2025 across US and international sites
Why it matters: R-107 is the first oral extended-release ketamine to enter Phase 3 for TRD. The ROCKET programme builds on the strong BEDROC data and compassionate-use safety record (106 patients, >2 years, no significant AEs). FDA submission targeted 2027 with potential commercialisation by 2028.
Watch next: Phase 3 enrollment completion and topline readout
Funding milestone
Planned$175M Series A fundraise announced for Phase 3 ROCKET and commercialisation — would be the largest Series A in ketamine therapeutics
Why it matters: If closed, $175M provides full runway through Phase 3 completion and initial NDA preparation. The announced target signals institutional investor confidence in the Phase 2 data.
Watch next: Series A close confirmation and lead investor announcement
Recorded Events
Apr 1, 2025: Phase III started
Jun 1, 2024: Phase II topline
R-192
KetamineMajor depressive disorder — oral norketamine tablet (distinct candidate, not a reformulation of R-107)
Programme Tracker
Major Depressive Disorder (MDD)
Phase 1 PK study expected H2 2026. R-192 is an oral norketamine tablet — norketamine is the primary active metabolite of ketamine with potential antidepressant activity and a different safety/tolerability profile.
Milestones
Phase I planned
PlannedPhase 1 PK study of R-192 (oral norketamine) expected H2 2026
Why it matters: Norketamine is the primary active metabolite of ketamine and may have antidepressant properties with less dissociation and abuse potential than ketamine itself. An oral norketamine product would further differentiate Tasman's ketamine platform beyond R-107.
Watch next: Phase 1 PK study initiation H2 2026
Quick Facts
- Type
- Private Biotech
- Lead Stage
- Phase III
- Website
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