Marinus Pharmaceuticals Announces Incentive Grants Under Nasdaq Listing Rule 5635(C)(4)
Marinus Pharmaceuticals, Inc.. MRNS, a pharmaceutical company dedicated to developing innovative therapies to treat seizure disorders, today announced incentive awards for 15 new employees. The Compensation Committee of the Board of Directors of Marinus has approved the grant of non-qualified stock options to purchase an aggregate of 122,300 common shares (the “Common Shares”) as material inducements for employees joining the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
These stock option grants have an exercise price of $5.17 per share, which is equal to the closing price of common stock on May 9, 2022 (grant date of these stock options of shares). All stock options will vest and become exercisable on 25% of the underlying shares on the first anniversary of the relevant employee’s start date, and will vest and be exercisable on the 75% underlying shares of Common Stock in 36 equal monthly installments thereafter on each monthly anniversary, subject to the affected employee’s continued employment with Marinus on such vesting dates. The stock options were granted as an incentive to each employee entering the service of Marinus pursuant to Nasdaq listing rule 5635(c)(4), and are subject to the terms and conditions of the applicable award agreement covering that award.
About Marinus Pharmaceuticals
Marinus Pharmaceuticals, Inc. is a pharmaceutical company dedicated to the development of innovative therapies to treat seizure disorders. Ganaxolone is a positive allosteric modulator of GABAA receptors that act on a well-characterized target in the brain known to have anti-epileptic, anti-depressant and anti-anxiety effects. Ganaxolone is being developed in IV and oral dose formulations intended to maximize therapeutic reach for adult and pediatric patient populations in acute and chronic care settings. For more information, visit www.marinuspharma.com.
To the extent that the statements in this press release are not descriptions of historical facts regarding Marinus, they are forward-looking statements reflecting management’s current beliefs and expectations made pursuant to the provisions of the Private Safe Harbor. Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “believe” and similar expressions (as than other words or phrases that refer to future events, conditions or circumstances) are intended to identify forward-looking statements. The forward-looking statements contained in this press release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. . Marinus assumes no obligation to update or revise any forward-looking statements. For a more detailed 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 Company’s business generally, see the documents filed by Marinus with the Securities and Exchange Commission.