Marinus Pharmaceuticals Appoints CEO Scott Braunstein, M.D., as Chairman of the Board

Rhea-AI Summary

Marinus Pharmaceuticals (NASDAQ: MRNS) announced the appointment of Scott Braunstein, M.D., as Chairman of the Board, succeeding Nicole Vitullo, who retired after 17 years. Alongside this change, Michael Dougherty also retired from the Board, and Santiago Arroyo stepped down to become Chief Medical Officer at another company. The Board is searching for new directors. Tim M. Mayleben, Lead Independent Director, commended the company's growth and Braunstein's leadership, citing the U.S. approval and launch of ZTALMY, a treatment for seizure disorders. Braunstein aims to enhance the Board's capabilities and advance their clinical pipeline.

Positive

• Scott Braunstein's appointment as Chairman could strengthen leadership continuity.
• U.S. approval and successful launch of ZTALMY indicate commercial potential.

Negative

• Concerns over Board continuity with the departure of long-standing members.
• Possible experience gaps in the Board following recent changes.

RADNOR, Pa.--(BUSINESS WIRE)-- Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS), a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders, announced that the Board of Directors has appointed Chief Executive Officer (CEO) and Board Director, Scott Braunstein, M.D., as Chairman of the Board. Dr. Braunstein succeeds Nicole Vitullo, who has retired from the Board of Directors following a 17-year tenure, including the past three years as Chairwoman.

Marinus also announced two other departures from the Board, Michael Dougherty, who has retired, and Santiago Arroyo, M.D., Ph.D., who has stepped down following the announcement of his appointment as Chief Medical Officer of a Cambridge, Massachusetts-based biotechnology company. The Board has initiated a search to replace these directors.

Newly appointed Lead Independent Board Director for Marinus, Tim M. Mayleben, said, "We are thrilled with the Company’s transformation over the last few years under Scott’s management. His elevation to Chairman is a reflection of his leadership, the organization’s growth including the successful U.S. approval and early commercial launch of ZTALMY^® (ganaxolone), and his ability to articulate and implement a long-term strategic vision, including a robust clinical pipeline for Marinus. On behalf of the Board, I want to thank Nicole for her unwavering commitment to Marinus over the years and the many milestones achieved during her tenure, as well as recognize and thank Michael and Santiago for their numerous contributions. We look forward to complementing the skills and expertise of the Board with new members to support efforts to scale Marinus.”

“I look forward to working with Tim as we evolve and enhance the Marinus Board with additional capabilities,” said Chairman and CEO, Scott Braunstein. “I am grateful for the continued support of our major shareholders for our programs in this transition and am encouraged by the progress made to date in executing against our strategy. I am confident that we can build on our initial commercial success and strengthen our commitment to improving the lives of patients with seizure disorders. Additionally, we have the opportunity to unlock tremendous value by advancing our late-stage programs and pursuing our next generation ganaxolone formulations.”

Dr. Braunstein has served as Marinus CEO since August 2019, leveraging close to 30 years of diverse biopharma expertise. Most recently, Scott was Chief Strategy Officer and Chief Operating Officer at Pacira Biosciences, Inc. Previously, he spent 13 years at J.P. Morgan as a portfolio manager for the Global Healthcare Fund and as a healthcare analyst for the U.S. and Global Equity team. Dr. Braunstein has spent nearly a decade serving on the boards of several public biotechnology companies, and he currently sits on the boards for Trevena, Inc. and Caribou Biosciences, Inc. He began his career as a practicing physician at the Summit Medical Group and as assistant clinical professor at Albert Einstein College of Medicine and Columbia University Medical Center.

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. Food and Drug Administration 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. Examples of forward-looking statements contained in this press release include, among others, statements regarding our commercialization plans for ZTALMY; statements regarding our expected clinical development plans, enrollment in our clinical trials, regulatory communications and submissions for ganaxolone, and the timing thereof; statements regarding the commercial opportunities ahead for ganaxolone; and other statements regarding the company's future operations, financial performance, financial position, prospects, objectives and other future event.

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. Such risks and uncertainties include, among others, uncertainties relating to the impact of these governance changes on our business; unexpected market acceptance, payor coverage or future prescriptions and revenue generated by ZTALMY; unexpected actions by the FDA or other regulatory agencies with respect to our products; competitive conditions and unexpected adverse events or patient outcomes from being treated with ZTALMY, uncertainties and delays relating to the design, enrollment, completion, and results of clinical trials; unanticipated costs and expenses; the varying interpretation of clinical data; our ability to comply with the FDA’s requirement for additional post-marketing studies in the required time frames; the timing of regulatory filings for our other product candidates; the potential that regulatory authorities, including the FDA and EMA, may not grant or may delay approval for our product candidates; early clinical trials may not be indicative of the results in later clinical trials; clinical trial results may not support regulatory approval or further development in a specified indication or at all; actions or advice of the FDA or EMA 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; our ability to develop new formulations of ganaxolone or prodrugs; our ability to obtain, maintain, protect and defend intellectual property for our product candidates; the potential negative impact of third party patents on our or our collaborators’ ability to commercialize ganaxolone; delays, interruptions or failures in the manufacture and supply of our product candidate; the size and growth potential of the markets for the company’s product candidates, and the company’s ability to service those markets; the company’s cash and cash equivalents may not be sufficient to support its operating plan for as long as anticipated; the company’s expectations, projections and estimates regarding expenses, future revenue, capital requirements, and the availability of and the need for additional financing; the company’s ability to obtain additional funding to support its clinical development and commercial programs; the potential for our ex-US partners to breach their obligations under their respective agreements with us or terminate such agreements in accordance with their respective terms; the risk that drug product quality requirements may not support continued clinical investigation of our product candidates and result in delays or termination of such clinical studies and product approvals; the effect of the COVID-19 pandemic on our business, the medical community, regulators 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. This list is not exhaustive and these and other risks are described in our periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221117005355/en/

Sasha Damouni Ellis

Vice President, Corporate Affairs & Investor Relations

Marinus Pharmaceuticals, Inc.

sdamouni@marinuspharma.com

Source: Marinus Pharmaceuticals, Inc.

FAQ

What recent leadership changes occurred at Marinus Pharmaceuticals (MRNS)?

Scott Braunstein was appointed Chairman of the Board, succeeding Nicole Vitullo, who retired.

How might Scott Braunstein's new role affect Marinus Pharmaceuticals (MRNS)?

His elevation to Chairman is expected to strengthen leadership and support the company's strategic vision.

Who are the other Board members that have left Marinus Pharmaceuticals (MRNS)?

Michael Dougherty retired, and Santiago Arroyo stepped down to join another biotechnology company.

What achievements did Marinus Pharmaceuticals (MRNS) highlight in the press release?

The successful U.S. approval and launch of ZTALMY for seizure disorders was emphasized.

What future plans did Marinus Pharmaceuticals (MRNS) mention in the press release?

The company aims to advance its clinical pipeline and enhance Board capabilities.