RADNOR, Pa., Sept. 27, 2019 (GLOBE NEWSWIRE) -- Marinus Pharmaceuticals, Inc. (Nasdaq:MRNS) (the “Company”, “Marinus”), a biopharmaceutical company dedicated to the development of innovative therapeutics to treat epilepsy and neuropsychiatric disorders, today announced that the Board of Directors of Marinus granted non-qualified stock options to purchase an aggregate of 15,000 shares of its common stock to a new employee, with a grant date of September 12, 2019.
The options have an exercise price of $1.69 per share, which is equal to the closing price of Marinus’s common stock on September 12, 2019, the date of grant. The options will vest and become exercisable as to 25 percent of the shares on the one-year anniversary of the recipient's start date, and will vest and become exercisable as to the remaining 75 percent of the shares in 36 equal monthly installments at the end of each month following the anniversary, subject to the employee's continued employment with Marinus on such vesting dates. The stock options were granted as inducements material to the new employee entering into employment with Marinus in accordance with NASDAQ Listing Rule 5635(c)(4), and are subject to the terms and conditions of a stock option agreement covering the grant.
Marinus previously announced on June 19, 2019 inducement grants under NASDAQ Listing Rule 5635(c)(4), which inadvertently contained inaccurate information derived from a prior press release. The corrected information follows. The Board of Directors of Marinus granted non-qualified stock options to purchase an aggregate of 161,000 shares of its common stock to new employees, with a grant date of June 12, 2019.
The options have an exercise price of $3.80 per share, which is equal to the closing price of Marinus’s common stock on June 12, 2019, the date of grant. The options will vest and become exercisable as to 25 percent of the shares on the one-year anniversary of the recipient's start date, and will vest and become exercisable as to the remaining 75 percent of the shares in 36 equal monthly installments at the end of each month following the anniversary, subject to the employee's continued employment with Marinus on such vesting dates. The stock options were granted as inducements material to the new employees entering into employment with Marinus in accordance with NASDAQ Listing Rule 5635(c)(4), and are subject to the terms and conditions of a stock option agreement covering the grant.
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. is a pharmaceutical company dedicated to the development of ganaxolone, which offers a new mechanism of action, demonstrated efficacy and safety, and convenient dosing to improve the lives of patients suffering from epilepsy and depression. Ganaxolone is a positive allosteric modulator of GABAA that acts on a well-characterized target in the brain known to have anti-seizure, anti-depressant and anti-anxiety effects. Ganaxolone is being developed in IV and oral dose forms intended to maximize therapeutic reach to adult and pediatric patient populations in both acute and chronic care settings. Marinus has initiated the first ever pivotal studies in children with CDKL5 deficiency disorder and PCDH19-related epilepsy and is conducting a Phase 2 study in patients with refractory status epilepticus. The Company has also conducted studies in women with postpartum depression. For more information visit www.marinuspharma.com. Please follow us on Twitter: @MarinusPharma.
To the extent that statements contained in this press release are not descriptions of historical facts regarding Marinus, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “believe”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding our interpretation of preclinical studies, development plans for our product candidate, including the development of dose forms, the clinical study testing schedule and milestones, the ability to complete enrollment in our clinical studies, interpretation of scientific basis for ganaxolone use, timing for availability and release of data, the safety, potential efficacy and therapeutic potential of our product candidate, arrangements with any potential strategic partners and our expectation regarding the sufficiency of our working capital. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the conduct and results of future clinical studies, the timing of the clinical studies, enrollment in clinical studies, availability and reporting of data from ongoing clinical studies, expectations for regulatory approvals, the attainment of clinical study results that will be supportive of regulatory approvals, and other matters, including the development of formulations of ganaxolone, and the availability or potential availability of strategic partners and of alternative products or treatments for conditions targeted by the Company that could affect the availability or commercial potential of our drug candidates. Marinus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see filings Marinus has made with the Securities and Exchange Commission.
Lisa M. Caperelli
Executive Director, Investor & Strategic Relations
Marinus Pharmaceuticals, Inc.