Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS) rose Tuesday, after the company announced Ganaxolone achieved its primary endpoint in Phase 3 trial for CDKL5 deficiency disorder and was generally well-tolerated.
The Radnor, Pa.-based company revealed it has entered into a five-year development contract with the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services, to support the development of IV ganaxolone for the treatment of refractory status epilepticus (RSE), a life-threatening condition in which a significant number of patients do not respond to first- and second-line anticonvulsant drugs.
RSE can occur as a result of a variety of serious, acute medical conditions or after exposure to nerve agents.
The agreement covers a base period during which BARDA will provide subject matter expertise and $21 million to fund, on a cost share basis, the company’s planned Phase 3 clinical trial of ganaxolone for the treatment of RSE (as a result of an underlying medical condition) and will fund preclinical studies of ganaxolone in nerve agent exposure animal models.
CEO Scott Braunstein said, "On behalf of the entire Marinus team, we are grateful to BARDA for their collaborative approach throughout this process and for the opportunity to continue to innovate in the field of seizure disorders, while supporting the government’s efforts to be prepared to protect U.S. lives in the event of a chemical attack."
Shares vaulted $1.40, or 66.1%, to $3.51.
