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Report for: MRNS
RADNOR, Pa., May 02, 2016 (GLOBE NEWSWIRE) — Marinus Pharmaceuticals, Inc. (Nasdaq:MRNS), a biopharmaceutical
company dedicated to the development of innovative therapeutics to treat epilepsy and neuropsychiatric disorders, today
provided a business update and reported its financial results for the quarter ended March 31, 2016.
“This is a very important year for Marinus,” commented Christopher M. Cashman, Chief Executive Officer of Marinus
Pharmaceuticals. “All three of our ongoing ganaxolone clinical studies are fully enrolled with data on track for release over
the next few months. The outcomes from these studies will determine our future development and commercial plans for our
ganaxolone franchise.”
Upcoming Milestones for 2016 & Recent Highlights
The Company is on-track to report top-line data in the upcoming weeks from the Phase 2 proof-of-concept,
investigator-sponsored clinical study in patients with Fragile X syndrome. The study incorporates several clinicianand
parental-validated scales to evaluate the effect of ganaxolone on anxiety, attention, social behavior, aggression,
hyperactivity, and language.
The Company is on-track to report top-line data in the middle of 2016 from the Phase 3 clinical trial evaluating
ganaxolone in adults with focal onset seizures.
The Company is on-track to report top-line data in the middle of 2016 from the Phase 2, proof-of-concept clinical trial
evaluating ganaxolone in pediatrics with PCDH19.
In April, the U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation to ganaxolone intravenous
(IV) for the treatment of status epilepticus (SE). A Phase 1 clinical trial evaluating the safety, tolerability and
pharmacokinetics of ganaxolone IV is on-track to initiate this quarter.
In April, preclinical data of ganaxolone IV showing robust activity in a well-accepted and clinically-translatable animal
model of SE were presented by Dr. Michael Saporito at the 68th American Academy of Neurology (AAN) Annual
Meeting. The data from two separate studies showed that ganaxolone IV attenuates electroencephalographic
seizures and prevents behavioral seizures and promotes survival in a benzodiazepine-resistant model of SE.
Financial Update
At March 31, 2016, the Company had cash, cash equivalents and investments of $51.4 million, compared to $57.7 million at
December 31, 2015. The Company believes that its cash, cash equivalents and investments, as of March 31, 2016, are
adequate to fund operations into the second half of 2017.
Research and development expenses remained flat at $5.5 million for the three months ended March 31, 2016 and for the
same period in the prior year.
General and administrative expenses increased to $1.6 million for the three months ended March 31, 2016, as compared to
$1.4 million for the same period in the prior year. The increase in general and administrative expenses was primarily due to
increases in non-cash stock-based compensation expense.
The Company reported net losses of $7.2 million and $7.0 million for the three months ended March 31, 2016 and 2015,
respectively. Cash used in operating activities was $6.1 million for the three months ended March 31, 2016 compared to
$4.0 million for the same period a year ago.
Source – Company Press Release
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
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