Marinus Pharmaceuticals Inc (NASDAQ:MRNS) released a business update and posted its financial numbers for the quarter closed March 31, 2017. The company commenced Phase 2 trial in women with postpartum depression in 1H2017. More recently, it posted top-line data from kids with genetic seizure disorders. It also started Phase 2 trial in subjects with status epilepticus in 2H2017.
Christopher M. Cashman, the CEO of Marinus, reported that they have directed their strategy towards symptoms where they consider there is both a projected therapeutic benefit and considerable unmet medical need from ganaxolone’s GABAA modulation process. With the selection of Dr. Lorianne Masuoka as CMO, the clinical direction is in place to implement on their strategy and vision to enhance the lives of patients suffering from depression, anxiety disorders and seizures.
At March 31, 2017, Marinus recorded cash/cash equivalents of $24.8 million versus $30.1 million at the end of December 2016. The firm considers that it has adequate cash to support operations into 2H2018.
R&D expenses came at $3.6 million for the quarter closed March 31, 2017 versus $5.5 million for the equivalent period in the previous year. The decline was mainly due to a drop of $2.9 million related with drug-resistant focal onset seizures plan, which discontinued in last June. The drop was partially offset by a jump of $0.7 million related with IV programs in SE and PPD.
Marinus reported that G&A expenses came at $1.8 million for the quarter ended March 2017, as against $1.6 million for the comparable period in the previous year. Cash utilized in operating activities was $6.8 million in the reported period versus $6.1 million for the comparable quarter in the prior year. The jump was driven mainly by a net jump in the change in operating liabilities and assets of $2.6 million, moderately offset by a decline in net loss of $1.8 million.