RADNOR, Pa.--(BUSINESS WIRE)--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 an inducement award to Steven Pfanstiel, Marinus’ newly-hired Chief Financial Officer and Treasurer. The Compensation Committee of the Board of Directors of Marinus approved the grant of a non-qualified stock option to purchase an aggregate of 220,000 shares of the Company’s common stock as an inducement material to Mr. Pfanstiel entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option grant has an exercise price of $13.99 per share, which is equal to the last reported sale price of Marinus’ common stock on April 12, 2021, Mr. Pfanstiel’s start date of employment. The stock option will vest and become exercisable as to 25% of the underlying shares on the one-year anniversary of Mr. Pfanstiel’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 Mr. Pfanstiel’s continued employment with Marinus on such vesting dates. The stock option was granted as an inducement material to Mr. Pfanstiel entering into employment with Marinus in accordance with Nasdaq Listing Rule 5635(c)(4), and is subject to the terms and conditions of the 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, 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 recently completed the first ever Phase 3 pivotal trial in children with CDKL5 deficiency disorder, is conducting a Phase 2 trial in tuberous sclerosis complex, and has recently disclosed top line results from itsPhase 2 proof-of-concept trial in PCDH19-related epilepsy. The company has initiated a Phase 3 trial in refractory status epilepticus. For more information visit www.marinuspharma.com.
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.