Marinus Pharmaceuticals, Inc., a 20-year-old Radnor biopharmaceutical company working on epilepsy treatments, has laid off 20 percent of its staff to preserve its cash and keep operating into the first quarter of 2025, writes Harold Brubaker for Philadelphia Business Journal.
The layoffs affected 35 people.
The company had $113.3 million in cash and short-term investments on March 31 and employed 165 at the end of last year.
Marinus had a net loss of $38.6 million in the first quarter of 2024, up from $34.7 million in 2023.
Its shares were worth $1.54 on NASDAQ Wednesday, down 3 cents from Tuesday’s close.
Marinus sells one drug called Ztalmy. It was approved two years ago by the FDA for the treatment of a rare form of genetic epilepsy for patients two years of age and older.
Ztalmy brought in $7.5 million in revenue in the three months that ended March 31. U.S. sales of Ztalmy are expected to hit $35 million this year.
The company is working with a partner to try and get Ztalmy sold in Europe in the second half of this year.
It is also testing Ztalmy to expand its use to other seizure disorders.
Read more about Marinus Pharmaceutical finances and its recent layoff decision in The Philadelphia Business Journal.
