Marinus Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Marinus Pharmaceuticals (NASDAQ: MRNS) announced the grant of 46,999 non-qualified stock options to five new employees, as approved by its Compensation Committee. The options, priced at $5.78 per share, will vest over four years, with 25% vesting after the first year and the remainder in equal monthly installments. This grant is intended as an inducement for the employees in accordance with Nasdaq Listing Rule 5635(c)(4). Marinus focuses on developing innovative therapeutics for seizure disorders, notably its product ZTALMY® for CDKL5 deficiency disorder.

Positive

• Granting stock options may attract talent, enhancing the company's workforce.
• The stock options' exercise price aligns with the recent market price, reflecting potential for employee alignment with shareholder interests.

Negative

• The stock option grants may dilute existing shareholder equity if exercised.
• The company relies on future success in recruiting to improve operations, which is uncertain.

RADNOR, Pa.--(BUSINESS WIRE)-- Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS), a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders, today announced the grant of inducement awards to five new employees. The Compensation Committee of the Board of Directors of Marinus approved the grant of non-qualified stock options to purchase an aggregate of 46,999 shares of its common stock (the “Common Stock”) as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

These stock option grants have an exercise price of $5.78 per share, which is equal to the closing price of the Common Stock on October 13, 2022 (date of grant for such stock options). All of the stock options will vest and become exercisable as to 25% of the underlying shares on the one-year anniversary of the applicable employee’s start date of employment, and will vest and become exercisable as to the remaining 75% of the underlying shares of Common Stock in 36 equal monthly installments thereafter on each monthly anniversary, subject to the applicable employee’s continued employment with Marinus on such vesting dates. The stock options were granted as an inducement material to each of the employees entering into employment with Marinus in accordance with Nasdaq Listing Rule 5635(c)(4), and are subject to the terms and conditions of the applicable award agreement covering such grant.

About Marinus Pharmaceuticals
Marinus is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for seizure disorders. The Company’s commercial product, ZTALMY® (ganaxolone) oral suspension CV, has been approved by the U.S. FDA for the treatment of seizures associated with CDKL5 deficiency disorder in patients two years of age and older. The potential of ganaxolone is also being studied in other rare seizure disorders, including in Phase 3 trials in tuberous sclerosis complex and refractory status epilepticus. Ganaxolone is a neuroactive steroid GABA_A receptor modulator that acts on a well-characterized target in the brain known to have anti-seizure effects. It is being developed in IV and oral formulations to maximize therapeutic reach for adult and pediatric patients in acute and chronic care settings. 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 press 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221014005076/en/

Sasha Damouni Ellis

Vice President, Corporate Affairs & Investor Relations

Marinus Pharmaceuticals, Inc.

sdamouni@marinuspharma.com

Source: Marinus Pharmaceuticals

FAQ

What is the significance of the stock options granted by Marinus Pharmaceuticals on October 13, 2022?

The stock options provide incentives for new employees, aligning their interests with the company's performance.

How many stock options did Marinus Pharmaceuticals grant to new employees?

Marinus Pharmaceuticals granted a total of 46,999 stock options to five new employees.

What is the exercise price of the stock options granted by Marinus Pharmaceuticals?

The exercise price for the stock options is $5.78 per share, equal to the closing price on the date of grant.

What is the vesting schedule for the stock options granted by Marinus Pharmaceuticals?

The stock options will vest 25% after one year and the remaining 75% in 36 equal monthly installments.

What is Marinus Pharmaceuticals' focus regarding drug development?

Marinus is dedicated to developing therapeutics for seizure disorders, particularly with its product ZTALMY®.