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

Rhea-AI Summary

Marinus Pharmaceuticals (Nasdaq: MRNS) announced the grant of non-qualified stock options to 12 new employees, totaling 173,123 shares. The exercise price for 112,875 options is set at $15.91, reflecting the closing stock price on March 18, 2021. The remaining 60,243 options will be priced based on each employee’s start date. Vesting occurs as follows: 25% after one year, and the remaining 75% in monthly installments over three years, contingent on continued employment. This grant aligns with Nasdaq Listing Rule 5635(c)(4), aimed to attract talent crucial for the company’s innovative therapeutics targeting rare seizure disorders.

Positive

• Grant of 173,123 stock options to attract 12 new employees.
• Stock options priced at $15.91, reflecting recent market conditions, ensuring competitive compensation.
• Vesting schedule incentivizes long-term employee retention with a structured plan.

Negative

• None.

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 inducement awards to 12 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 173,123 shares of its common stock as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

Of these stock option grants, 112,875 stock option grants have an exercise price $15.91 per share, which is equal to the closing price of Marinus’ common stock on March 18, 2021, the date of grant for the stock options, and 60,243 stock option grants will be priced on the closing price of the employee’s future start date, which will be considered the date of grant for the 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 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 the employee 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 rare seizure disorders. Ganaxolone is a positive allosteric modulator of GABAA 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 recently completed the first ever Phase 3 pivotal trial in children with CDKL5 deficiency disorder and is conducting a Phase 2 trial in tuberous sclerosis complex, as well as a Phase 2 biomarker-driven proof-of-concept trial in PCDH19-related epilepsy. The company is currently initiating 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 stock options were granted by Marinus Pharmaceuticals (MRNS)?

Marinus Pharmaceuticals granted non-qualified stock options totaling 173,123 shares to 12 new employees.

What is the exercise price for the stock options granted by MRNS?

The exercise price for 112,875 options is set at $15.91, while 60,243 options will be priced based on the future start date of the employees.

How is the vesting schedule structured for the stock options at Marinus (MRNS)?

The vesting schedule allows for 25% vesting on the one-year anniversary and the remaining 75% in monthly installments over three years.

What is the purpose of the stock option grants by MRNS?

The stock option grants are intended to attract and retain talent essential for the development of innovative therapeutics for rare seizure disorders.