Marinus (NASDAQ:MRNS) Pharmaceuticals Inc shares climbed 20% to $7.02 on Tuesday after the pharmaceutical company dedicated to the development of therapeutics to treat seizure disorders revealed highlights from its Investor and Analyst Event in New York.
Marinus (NASDAQ:MRNS) said it expects third quarter 2023 ZTALMY (ganaxolone) oral suspension CV net product revenues of between $5 million and $5.2 million and is on track to meet full year 2023 expected ZTALMY net product revenues of between $17 million and $18.5 million.
The company also projects its cash, cash equivalents, and short-term investments at the end of the third quarter of 2023 to be in the range of between $170 million and $175 million, which is expected to be sufficient to fund its operating expenses, capital expenditure requirements, and maintain the minimum cash balance of $15 million required under the company’s debt facility into the fourth quarter of 2024.
As well, Marinus noted that more than 70% of patients required for the interim analysis are now enrolled in the Phase 3 RAISE trial of intravenous (IV) ganaxolone in refractory status epilepticus, with topline data anticipated in the first quarter of 2024, if the pre-defined stopping criteria from the planned interim analysis are met.
"Enrollment in the Phase 3 RAISE trial in refractory status epilepticus has been on an upward trajectory since early August following the activation of new clinical sites and we have extended our cash runway into the fourth quarter of 2024 through strategic use of our existing ATM facility," Marinus Pharmaceuticals CEO Scott Braunstein said in a statement.
"This is expected to provide us with the resources needed to successfully execute on our two Phase 3 data readouts in RSE and tuberous sclerosis complex and invest in the appropriate pre-commercial activities to continue driving future growth for Marinus,” he added.
The company also stated that a protocol amendment for its ongoing Phase 3 TrustTSC trial of oral ganaxolone in tuberous sclerosis complex (TSC) has been finalized, with topline data expected in mid-2024.
Shares of Marinus Pharmaceuticals have gained 65% year to date.
Contact Sean at sean@proactiveinvestors.com