Radnor’s Marinus Pharmaceuticals is looking to raise $35 million from its public offering of 9.3 million shares of its common stock priced at $3.75 per share, writes John George for the Philadelphia Business Journal.

The biopharmaceutical company has also granted the underwriter the option to purchase an additional 1.4 million shares of common stock within 30 days to cover overallotments. This could add up to another $5.3 million.

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The gross proceeds are mostly earmarked to advance the preclinical and clinical development of Marinus’s new drug candidate, Ganaxolone.

Ganaxolone had been developed as a potential treatment for drug-resistant seizures in adults, but had disappointing results in phase-III clinical trials. Now it is being adjusted to target the GABAA receptor in the central nervous system that can play a role in seizures and anxiety disorders.

Read more about the stock offering in the Philadelphia Business Journal by clicking here.

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