Marinus Pharmaceuticals Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Marinus Pharmaceuticals (MRNS) announced the grant of a stock option award to its new CFO, Steven Pfanstiel. The inducement includes 220,000 shares with an exercise price of $13.99 per share, aligning with the last sale price on April 12, 2021. The option will vest 25% after one year, with the remaining shares vesting monthly over three years, contingent on continued employment. Marinus focuses on developing ganaxolone, a treatment for rare seizure disorders, and is conducting several clinical trials, including a Phase 3 trial for refractory status epilepticus.

Positive

• Appointment of a new CFO may strengthen financial management.
• Stock option grant aligns with current market price, potentially motivating performance.

Negative

• None.

Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS) (the “Company” or “Marinus”), a pharmaceutical company dedicated to the development of innovative therapeutics to treat rare seizure disorders, today announced the grant of an inducement award to Steven Pfanstiel, Marinus’ newly-hired Chief Financial Officer and Treasurer. The Compensation Committee of the Board of Directors of Marinus approved the grant of a non-qualified stock option to purchase an aggregate of 220,000 shares of the Company’s common stock as an inducement material to Mr. Pfanstiel entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option grant has an exercise price of $13.99 per share, which is equal to the last reported sale price of Marinus’ common stock on April 12, 2021, Mr. Pfanstiel’s start date of employment. The stock option will vest and become exercisable as to 25% of the underlying shares on the one-year anniversary of Mr. Pfanstiel’s start date of employment, and will vest and become exercisable as to the remaining 75% of the underlying shares in 36 equal monthly installments at the end of each month following such anniversary, subject to Mr. Pfanstiel’s continued employment with Marinus on such vesting dates. The stock option was granted as an inducement material to Mr. Pfanstiel entering into employment with Marinus in accordance with Nasdaq Listing Rule 5635(c)(4), and is subject to the terms and conditions of the award agreement covering such grant.

About Marinus Pharmaceuticals

Marinus Pharmaceuticals, Inc. is a pharmaceutical company dedicated to the development of innovative therapeutics to treat rare seizure disorders. Ganaxolone is a positive allosteric modulator of GABAA receptors that acts on a well-characterized target in the brain known to have anti-seizure, antidepressant and anti-anxiety effects. Ganaxolone is being developed in IV and oral dose formulations intended to maximize therapeutic reach to adult and pediatric patient populations in both acute and chronic care settings. Marinus recently completed the first ever Phase 3 pivotal trial in children with CDKL5 deficiency disorder, is conducting a Phase 2 trial in tuberous sclerosis complex, and has recently disclosed top line results from itsPhase 2 proof-of-concept trial in PCDH19-related epilepsy. The company has initiated a Phase 3 trial in refractory status epilepticus. For more information visit www.marinuspharma.com.

Forward-Looking Statements

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. 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. 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.

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FAQ

What is the significance of the stock option grant to Marinus Pharmaceuticals' new CFO?

The stock option grant incentivizes Steven Pfanstiel to contribute positively to the company's financial performance, aligning his interests with those of the shareholders.

What is the exercise price for the stock options granted to Marinus' new CFO?

The exercise price for the stock options awarded to CFO Steven Pfanstiel is $13.99 per share.

How many shares are included in the stock option grant for Marinus' CFO?

The stock option grant includes 220,000 shares of Marinus Pharmaceuticals' common stock.

What clinical trials is Marinus Pharmaceuticals currently conducting?

Marinus is conducting several trials, including a Phase 3 trial for refractory status epilepticus and a Phase 2 trial for tuberous sclerosis complex.

What therapeutic does Marinus Pharmaceuticals develop?

Marinus Pharmaceuticals develops ganaxolone, a treatment for rare seizure disorders.