HMNC Brain Health secured a first tranche of a $50 million Series B round led by MEDICE and simultaneously locked in an exclusive European commercialization partnership for Ketabon (KET01). The financing supports late-stage development of two depression therapies: Ketabon (KET01) and Nelivabon (BH-200). Ketabon is an oral prolonged-release ketamine formulation intended to address treatment-resistant depression (TRD) with outpatient and potentially at-home administration. Phase 2 studies (NCT07396272) reportedly showed rapid antidepressant effects with reduced dissociative side effects compared with existing ketamine approaches. The combined capital and commercialization deal highlights how European family-owned healthcare groups are positioning for psychiatry product launches, while biotech investors watch whether oral, less burdensome ketamine delivery can broaden adoption versus clinic-administered regimens.