HMNC Brain Health raised €50 million (Series B) to advance two depression programs into mid-stage development, with family-owned German healthcare firm Medice leading the financing. HMNC said the capital will support late-stage work on Ketabon (KET01) and Nelivabon (BH-200). Medice also secured exclusive European commercialization rights for KET01 under a licensing agreement, with tiered royalties and success-based milestones. The companies positioned the pairing as aligning capital, execution, and commercial capabilities for outpatient-friendly, oral prolonged-release ketamine. HMNC’s Phase II data for KET01 are cited as showing rapid antidepressant effects alongside reduced dissociative side effects versus existing ketamine-based treatments, aiming to remove barriers that have limited broader adoption.