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

Rhea-AI Summary

Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS) announced the grant of a stock option to Martha Manning, the new Vice President, General Counsel, and Secretary, to purchase 300,000 shares at an exercise price of $2.52 per share. This grant, compliant with Nasdaq Listing Rule 5635(c)(4), aims to incentivize Manning as a material condition of her employment. The stock option vests over four years, with 25% after one year and the remaining 75% in monthly installments. Marinus focuses on developing ganaxolone, a treatment for rare seizure disorders, currently conducting multiple clinical trials.

Positive

• Granting stock options may enhance employee retention and motivation.
• Martha Manning's hiring as General Counsel could strengthen legal oversight.

Negative

• None.

RADNOR, Pa., June 16, 2020 (GLOBE NEWSWIRE) -- 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 a new employee. The Compensation Committee of the Board of Directors of Marinus granted Martha Manning, Esq., the Company’s new Vice President, General Counsel and Secretary, a non-qualified stock option to purchase an aggregate of 300,000 shares of its common stock as an inducement material to Ms. Manning entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option grant has an exercise price of $2.52 per share, which is equal to the closing price of Marinus’ common stock on June 15, 2020, the date of grant for the stock option. The stock option will vest and become exercisable as to 25% of the underlying shares on the one-year anniversary of the date of grant, 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 Ms. Manning’s continued employment with Marinus on such vesting dates. The stock option was granted as an inducement material to Ms. Manning entering into employment with Marinus in accordance with Nasdaq Listing Rule 5635(c)(4), and is subject to the terms and conditions of the applicable 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 GABA_A receptors 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 is conducting the first ever Phase 3 pivotal trial in children with CDKL5 deficiency disorder, along with a Phase 2 trial in Tuberous Sclerosis Complex, and a Phase 2 biomarker driven proof of concept trial in PCDH19-related epilepsy. The Company intends to initiate a Phase 3 trial in 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. Examples of forward-looking statements contained in this press release include, among others, statements regarding our clinical development plans for ganaxolone and the clinical development schedule and milestones. 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, uncertainties and delays relating to the design, enrollment, completion, and results of clinical trials; unanticipated costs and expenses; clinical trial results may not support further development in a specified indication or at all; actions or advice of the U.S. Food and Drug Administration may affect the design, initiation, timing, continuation and/or progress of clinical trials or result in the need for additional clinical trials; our ability to obtain and maintain regulatory approval for our product candidate; delays, interruptions or failures in the manufacture and supply of our product candidate; our ability to raise additional capital; the effect of the COVID-19 pandemic on our business, the medical community and the global economy; and the availability or potential availability of alternative products or treatments for conditions targeted by us that could affect the availability or commercial potential of our product candidate. 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.          
           
CONTACT:   
Sasha Damouni Ellis
Vice President, Investor Relations & Corporate Communications
Marinus Pharmaceuticals, Inc.
484-253-6792
sdamouni@marinuspharma.com

FAQ

What was announced by Marinus Pharmaceuticals on June 16, 2020?

Marinus Pharmaceuticals announced the grant of a stock option to new Vice President, General Counsel, and Secretary, Martha Manning.

How many shares were granted to Martha Manning by Marinus Pharmaceuticals?

Martha Manning was granted a stock option to purchase 300,000 shares of common stock.

What is the exercise price of the stock option granted to Martha Manning?

The exercise price of the stock option is $2.52 per share.

What type of clinical trials is Marinus Pharmaceuticals currently conducting?

Marinus is conducting a Phase 3 trial in children with CDKL5 deficiency disorder and a Phase 2 trial in Tuberous Sclerosis Complex, among others.