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Marinus raises $70M from common stock offering, private placement

Marinus Pharmaceuticals Inc. said it raised approximately $70 million from a private and a public offering after underwriters of its previously announced offering fully exercised their overallotment option.

The Radnor, Pa.-based pharmaceutical company sold 32,200,000 shares at $1.25 apiece, including the additional 4,200,000 shares as part of underwriters' overallotment option.

The gross proceeds of $70 million includes a concurrent purchase of up to $30 million of the company's common stock by private investors.

Oppenheimer & Co. Inc. and Ladenburg Thalmann & Co. Inc. were the joint book-running managers for the offering, while Craig-Hallum Capital Group LLC acted as co-manager.

The company aims to use the net proceeds to develop its experimental drug ganaxolone for rare seizure disorders. The drug failed to beat the placebo in the second part of a mid-stage clinical trial in postpartum depression in July.