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

Rhea-AI Summary

Marinus Pharmaceuticals (Nasdaq: MRNS) has granted non-qualified stock options for a total of 45,625 shares to five new employees as an inducement for their employment. The stock options have an exercise price of $13.27 per share, aligning with the closing stock price on August 5, 2021. Vesting occurs at 25% after one year and the remaining 75% over three years. Marinus focuses on innovative therapies for seizure disorders, including ganaxolone, a GABA_A receptor modulator, currently in several clinical trials.

Positive

• Grant of stock options may enhance employee retention and motivation.
• Continued clinical trials for ganaxolone may lead to future growth opportunities.

Negative

• Stock options may dilute existing shareholder value.

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 45,625 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 $13.27 per share, which is equal to the closing price of the Common Stock on August 5, 2021 (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 at the end of each month following such 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 Pharmaceuticals, Inc. is a pharmaceutical company dedicated to the development of innovative therapeutics to treat 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, 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 completed the first ever Phase 3 pivotal trial in children with CDKL5 deficiency disorder last year and is conducting a Phase 2 trial in tuberous sclerosis complex and 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 recent stock option grants has Marinus Pharmaceuticals made?

Marinus Pharmaceuticals granted non-qualified stock options for 45,625 shares to five new employees.

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

The exercise price of the stock options is $13.27 per share.

What is the significance of the stock option grants for Marinus Pharmaceuticals?

The grants serve as an inducement for new employees, promoting retention and motivation.

What is ganaxolone and its relevance to Marinus Pharmaceuticals?

Ganaxolone is a positive allosteric modulator of GABA_A receptors, used in developing therapies for seizure disorders.

How does the stock option vesting work for Marinus Pharmaceuticals employees?

The stock options vest at 25% after one year and the remaining 75% in equal monthly installments over three years.