A Radnor biopharma firm laid off 20% of its workforce
Marinus Pharmaceuticals said it expected the layoffs and other cost reductions to keep it operating deep into the first quarter of 2025
Marinus Pharmaceuticals Inc., a Radnor biopharmaceutical company developing treatments for rare forms of epilepsy and other seizure disorders, announced Wednesday that it laid off 20% of its workforce, or 35 people.
The move is part of an effort to preserve cash so the 20-year-old firm can continue operating into the first quarter of next year, it said. 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 has one drug, called Ztalmy, available for sale. The FDA approved the drug two years ago for the treatment of a rare form of genetic epilepsy in 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 reach $35 million this year. Through a partner, Marinus is pushing for Ztalmy’s commercial launch in Europe in the second half of this year.
The company said it is testing Ztalmy in clinical trials to potentially expand its use to other seizure disorders.
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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 at 1:30 p.m. Wednesday, down 3 cents from Tuesday’s close.