Marinus Pharmaceuticals Raises $20 Million in Series B... ( Company to Advance Ganaxolone Program...)

Marinus Pharmaceuticals Raises $20 Million in Series B Financing

Date:4/10/2009

Company to Advance Ganaxolone Program for the Treatment of Epilepsy

BRANFORD, Conn., April 10 /PRNewswire/ -- Marinus Pharmaceuticals, Inc., a developer of drugs to treat serious neurological and psychiatric disorders, today announced the close of a $20 million Series B financing. The funding comes on the heels of the Company's recent announcement of positive Phase 2a data for ganaxolone as an adjunctive therapy in adults with partial onset seizures. The Series B financing included participation from all of Marinus' existing investors, including Canaan Partners, Domain Associates, Sofinnova Ventures and Foundation Medical Partners.

"We've made tremendous strides since our Series A financing, with the completion of two Phase 2a clinical trials for ganaxolone in two separate indications, significant patent applications to protect our intellectual property, and advances on formulations which resulted in novel IP and a strong commercial candidate," said John Krayacich, president and CEO of Marinus Pharmaceuticals. "In light of this challenging environment, the continued support from our syndicate of premier life sciences investors validates our efforts, reinforces our accomplishments, and allows us to further advance this unique therapy which we hope will provide an additional alternative for people with epilepsy."

The funding will advance the Company's ganaxolone development program for use as a novel adjunctive agent for the treatment of refractory partial seizures and to explore proof of concept studies in psychiatric indications. Marinus Pharmaceuticals has raised a total of $50 million in private financing to date.

"The management team brings proven and distinctive expertise in developing CNS therapies," said Stephen Bloch, M.D., Partner at Canaan Partners and Chairman of Marinus Pharmaceuticals. "Marinus has made significant advances with this novel first in class neuroactive steroid as an
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SOURCE Marinus Pharmaceuticals, Inc.
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