Marinus Pharma (MRNS) Prices 28M Share Common Offering at $1.25/Sh; Announces Concurrent Private Placement
Marinus Pharmaceuticals, Inc. (NASDAQ: MRNS) today announced the pricing of an underwritten public offering of 28,000,000 shares of common stock at a public offering price of $1.25 per share. The gross proceeds to the Company from the public offering and concurrent private placement are expected to be approximately $65 million before deducting underwriting discounts and commissions, placement agent fees, and other estimated offering expenses. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 4,200,000 shares of common stock. The offering is expected to close on or about December 13, 2019, subject to customary closing conditions.
Oppenheimer & Co. Inc. and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., (LTS), acted as joint bookrunning managers for the offering. H.C. Wainwright & Co., LLC acted as co-manager for the offering.
Concurrently, with the completion of the public offering, the Company has agreed to sell to certain investors in a private placement, a number of shares of convertible preferred stock equal to an aggregate purchase price of up to $30 million, at a conversion price of $1.25 per share, which is at least equal to the lower of (i) the closing price per share of our common stock as of the close of the trading day immediately prior to the execution of the purchase agreement; or (ii) the average closing price per share of our common stock for the five trading days immediately prior to the execution of the purchase agreement.
Marinus intends to use the net proceeds received from the sale of its common and preferred stock to advance the preclinical and clinical development of ganaxolone, including expenses for clinical trials for our seizure disorder programs, and regulatory, research and development, pre-commercial, general and administrative and manufacturing expenses and for working capital and general corporate purposes.