Pharmaceuticals secured a private financing
deal to raise $20 million, which it will use to continue the development of ganaxolone
. The drug is in Phase II development in as a treatment for adult partial seizures and infantile spasms.
Ganaxolone is a synthetic neurosteroid and derivative of the naturally occurring neuromodulator, allopregnanolone. More than 35 Phase I and Phase II trials have shown that it can combat partial onset seizures, says the company. Marinus says that it will also use the funding to explore other psychiatric indications.
Key current investors such as Canaan Partners, Domain Associates, Sofinnova Ventures, and Foundation Medical Partners made secondary investments in the series B financing deal. This latest round brings the company's total private financing to $50 million.
"In light of this challenging environment, the continued support from our syndicate of premier life sciences investors validates our efforts, reinforces our accomplishments, and allows us to further advance this unique therapy which we hope will provide an additional alternative for people with epilepsy," says John Krayacich, president and CEO.