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

Rhea-AI Summary

Marinus Pharmaceuticals (NASDAQ: MRNS) has announced the grant of inducement awards consisting of non-qualified stock options for 57,975 shares to seven new employees. The exercise price of these options is $5.47 per share, matching the closing share price on August 9, 2022. The options will vest in increments, starting with 25% after one year and the remaining 75% over the next three years, contingent on continued employment. Marinus focuses on innovative therapies for seizure disorders, including its FDA-approved product, ZTALMY®, and ongoing Phase 3 trials for other conditions.

Positive

• Grant of stock options may attract and retain talent.
• Stock options priced at $5.47, aligning with market value.
• Ongoing development of innovative therapeutics for seizure disorders.

Negative

• None.

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 seven 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 57,975 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 $5.47 per share, which is equal to the closing price of the Common Stock on August 9, 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/20220812005004/en/

Company:

Sasha Damouni Ellis

Vice President, Corporate Affairs & Investor Relations

Marinus Pharmaceuticals, Inc.

sdamouni@marinuspharma.com

Source: Marinus Pharmaceuticals

FAQ

What are the details of the stock options granted by Marinus Pharmaceuticals (MRNS)?

Marinus Pharmaceuticals granted inducement stock options for 57,975 shares at an exercise price of $5.47 per share, with a vesting schedule starting after one year.

When were the stock options for MRNS granted?

The stock options were granted on August 9, 2022, aligning with the closing share price.

What is the purpose of the stock options granted by Marinus Pharmaceuticals?

The stock options were granted as inducements for new employees to join the company.

What is the focus of Marinus Pharmaceuticals (MRNS)?

Marinus Pharmaceuticals focuses on developing innovative therapeutic solutions for seizure disorders and has a commercially approved product, ZTALMY®.