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Marinus Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
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Rhea-AI Summary
Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS) has granted inducement awards to a new employee, consisting of non-qualified stock options for 13,800 shares at an exercise price of $6.67 per share, equal to its closing price on March 3, 2023. The stock options will vest 25% on the employee's one-year anniversary and the remaining 75% in monthly installments over three years, contingent upon continued employment. Marinus is focused on developing therapies for seizure disorders, with its leading product, ZTALMY® (ganaxolone), approved for treating CDKL5 deficiency disorder and in clinical trials for other conditions.
Positive
Granting of stock options may enhance employee retention and motivation.
ZTALMY® is already approved by the FDA, indicating market potential.
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 1 new employee. The Compensation Committee of the Board of Directors of Marinus approved the grant of non-qualified stock options to purchase an aggregate of 13,800 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 $6.67 per share, which is equal to the closing price of the Common Stock on March 3, 2023 (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 GABAA 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.
What is the recent stock option grant by Marinus Pharmaceuticals (MRNS)?
Marinus Pharmaceuticals granted non-qualified stock options for 13,800 shares at $6.67 per share to a new employee.
When do the stock options for Marinus Pharmaceuticals vest?
The stock options will vest 25% on the one-year anniversary of employment and the remaining 75% in monthly installments over three years.
What is the significance of the stock options granted by MRNS?
The stock options serve as an inducement for the employee's employment, which may aid in retention and align interests with shareholders.
What is ZTALMY® and its role for Marinus Pharmaceuticals?
ZTALMY® is an FDA-approved treatment for seizures associated with CDKL5 deficiency disorder, showcasing the company's ability to advance in therapeutic markets.
