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Marinus Pharmaceuticals Receives $30MM Drawdown Under Oaktree Capital Credit Facility

April 01, 2022, 07:00 AM
Filed Under: Pharmaceuticals

Marinus Pharmaceuticals received $30 million in funding under the existing Oaktree Capital Management credit agreement. This additional funding became available as a result of the U.S. Food and Drug Administration’s (FDA) recent approval of the company’s New Drug Application (NDA) for ZTALMY® (ganaxolone) oral suspension for the treatment of seizures associated with CDKL5 deficiency disorder (CDD) in patients two years of age and older.

In May 2021, Marinus signed a credit financing agreement with Oaktree, a leader among global investment managers specializing in alternative investments. Together with this $30 million drawdown, Marinus has drawn a total of $75 million in funding, including $15 million at signing of the credit financing agreement and $30 million upon the FDA’s acceptance of the CDD NDA filing in September 2021.

In addition, Marinus entered into an amendment to its previously disclosed agreement with the Biomedical Advanced Research and Development Authority (BARDA) to extend Marinus’ performance period for funding through the end of 2023 to align with updated timeline expectations for the Phase 3 RAISE trial in refractory status epilepticus (RSE). The base contract provides up to $21 million of research funding from BARDA for the ongoing RAISE trial, with potential for total BARDA research funding of up to $51 million based on success-based milestones.

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