Marinus Pharmaceuticals extends cash runway, shares surge 16%
Marinus (NASDAQ:MRNS) Pharmaceuticals, a commercial-stage pharmaceutical company, saw its shares surge by 16% to $6.83 on Tuesday. This increase comes after the firm announced an extension of its cash runway into the fourth quarter, contributing to a total rise of 71% in the company's stock this year.
The company has projected its cash, cash equivalents, and short-term investments to range between $170 million and $175 million by the end of the third quarter. This financial forecast is expected to sufficiently cover Marinus Pharmaceuticals' operational expenses, capital expenditure requirements, and maintain its minimum cash balance of $15 million as required by its debt facility into the fourth quarter.
CEO Scott Braunstein expressed that the projected financial balance would equip Marinus Pharmaceuticals with the necessary resources to effectively execute two Phase 3 data readouts in RSE and tuberous sclerosis complex. He further added that this would enable them to invest in appropriate pre-commercial activities to support future growth.
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