Marinus Pharmaceuticals Inc (NASDAQ:MRNS) released a corporate update and posted its financial figures for the quarter closed March 2017. The firm initiated Phase II trial in women suffering with postpartum depression earlier in this year. More recently, it announced top-line data from kids suffering with genetic seizure disorders. It will commence Phase 2 trial by registering people with status epilepticus in 2H2017.
Christopher M. Cashman, who is the CEO of Marinus, mentioned that they have directed their efforts towards areas where they consider there is an unmet medical need and projected therapeutic gain from ganaxolone’s GABAA modulation procedure. With the engagement of Dr. Lorianne Masuoka as CMO, the company’s clinical direction is progressing well as per their strategy and objective to enhance the lives of people suffering from depression, anxiety complaints and seizures.
At the close of March 2017, Marinus cash/cash equivalents stood at $24.8 million as against $30.1 million at the close of preceding quarter. The firm mentioned that as of now it has adequate funds to carry out operations into 2H2018.
R&D expenses stood at $3.6 million for the period closed March 2017 as against $5.5 million for the same period in the preceding year. The drop was primarily due to a decline of $2.9 million linked with drug-resistant pivotal onset seizures plan, which stopped in last June. The drop was partly offset by a surge of $0.7 million cash related with IV plans in SE and PPD.
Marinus mentioned that for the quarter closed March 2017, G&A expenses were $1.8 million, as against $1.6 million for the same quarter in the preceding year. Cash utilized in operating activities stood at $6.8 million in the posted period versus $6.1 million for the same quarter of 2016. This jump can be attributed to the change in value of operating liabilities and assets, moderately offset by a drop in net loss.