Marinus Pharmaceuticals ( NASDAQ: MRNS ) is selling its rare pediatric disease Priority Review Voucher (PRV) for $110M.
The Radnor, Pa.-based company had received the voucher when the U.S. Food and Drug Administration (FDA) approved its seizure treatment Ztalmy in March.
Ztalmy was approved to treat seizures linked with a rare form of genetic epilepsy called CDKL5 deficiency disorder in patients two years of age and older.
A PRV is issued to a company of a rare pediatric disease product application and entitles the holder to priority review of a single new drug application or biologics license application. The company may choose to sell or transfer the voucher upon approval of the rare pediatric disease product.
Marinus' CFO Steven Pfanstiel said the money is expected to extend the company's cash runway into Q4 of 2023.
"Importantly, this non-dilutive funding will allow us to maintain momentum advancing our clinical pipeline, including the two ongoing Phase 3 trials in status epilepticus and tuberous sclerosis complex, and focus on the commercial launch of Ztalmy," noted Pfanstiel.
The company will get $110M after closing of the transaction, which is subject to closing conditions, including U.S. antitrust clearance.
MRNS +5.41% to $5.85 premarket July 14
For further details see:
Marinus stock rises as it sells priority review voucher for $110M