RADNOR, PA — Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS) has released its financial results for the third quarter ended September 30, 2024, detailing significant progress and strategic shifts in its operations. The company reported a notable rise in revenue for its lead product, ZTALMY® (ganaxolone), and outlined plans to explore strategic alternatives.
For the third quarter, ZTALMY generated $8.5 million in net product revenue, marking a 56% increase from the same period in 2023. This growth supports Marinus’ revised full-year revenue guidance, now projected between $33 and $34 million. Despite these gains, Marinus is suspending further clinical development of ganaxolone, focusing its resources on the commercial expansion of ZTALMY for patients with CDKL5 deficiency disorder (CDD).
Scott Braunstein, M.D., Chairman and CEO of Marinus, expressed satisfaction with ZTALMY’s performance, stating, “We are pleased to see continued commercial growth of ZTALMY with more than 200 patients active on therapy and a steady increase in demand.”
Marinus is also navigating the outcomes of its Phase 3 TrustTSC trial, which, although demonstrating clinical activity, did not achieve statistical significance. Consequently, the company is seeking strategic alternatives to maximize shareholder value. Barclays has been engaged to assist in this process.
Financially, Marinus is implementing cost reduction strategies to extend its cash runway into the second quarter of 2025. As of September 30, 2024, the company held cash and cash equivalents totaling $42.2 million. This followed a decrease in operating cash usage to $87.8 million for the first nine months of 2024, compared to $91.0 million in the previous year.
Dr. Braunstein acknowledged the challenges and future potential, saying, “In 2024, our Phase 3 data in status epilepticus and tuberous sclerosis complex showed meaningful clinical activity in certain refractory patients. Given this outcome, we have made the difficult decision to explore strategic alternatives with the goal of maximizing stockholder value while supporting the growth of ZTALMY.”
Marinus stated that it remains committed to fulfilling FDA and European Medicines Agency post-approval obligations for ZTALMY and exploring the potential for intravenous ganaxolone in refractory status epilepticus, with a scheduled FDA meeting in the fourth quarter of 2024.a
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