By Marinus Pharmaceuticals has recently announced that it has successfully extended its cash runway into the fourth quarter, resulting in a 16% increase in the company’s share price, which now stands at $6.83. This development marks a significant achievement for the commercial-stage pharmaceutical company, which has already seen its stock rise by an impressive 71% this year.
According to projections released on Tuesday, Marinus Pharmaceuticals expects its cash, cash equivalents, and short-term investments to range between $170 million and $175 million by the end of the third quarter. This ample balance is expected to cover the company’s operating expenses, capital expenditure requirements, and maintain a minimum cash balance of $15 million, as stipulated by its debt facility, throughout the fourth quarter.
With this strengthened financial position, Marinus Pharmaceuticals is confident in its ability to successfully carry out its two Phase 3 data readouts in RSE (refractory status epilepticus) and tuberous sclerosis complex. Furthermore, the company plans to invest in appropriate pre-commercial activities that will continue to fuel its future growth.
In a statement, Chief Executive Scott Braunstein expressed his optimism, stating, “This extended cash runway is expected to provide us with the necessary resources to execute our upcoming data readouts and drive future growth.”
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