A Radnor pharmaceutical company specializing in new therapies for rare seizure disorders is raising $70 million through a public stock offering this week, writes John George for the Philadelphia Business Journal.

Marinus Pharmaceuticals will be selling 5 million shares at $14 per share.

A 30-day option also allows an additional purchase of 750,000 share of common stock.

That would give a combined amount raised to $80.5 million.

The company had an initial public stock offering in 2014, where it raised $46 million.

Marinus will use the proceeds to fund capital expenditures, research and development, clinical trial costs, and purchases of new technology, products or investments.

Its leading drug candidate. Ganaxoline, is in late-stage clinical testing for seizure disorders including epilepsy.  

Its product pipeline also includes experimental therapies for depressive disorders.

Marinus was found in New Haven, Connecticut in 2003 and has about 40 employees. It moved to Radnor in 2014.

The company is in a five-year development contract with the federal government, receiving $51 million to develop IV ganaxolone to treat refractory status epilepticus—a life-threatening condition that can be caused by exposure to nerve agents.

Read more about the Marinus stock sale at Philadelphia Business Journal.