The November layoffs are the second known workforce reduction this year for Marinus Pharmaceuticals, which previously announced disappointing Phase III results for ganaxolone in two clinical trials.
Just weeks after sharing disappointing Phase III results for ganaxolone to treat seizures associated with tuberous sclerosis complex, Marinus Pharmaceuticals has let go about 45% of its employees, the company announced Nov. 12.
It’s the second known layoff this year for the commercial-stage pharma in Radnor, Pennsylvania. In May, Marinus revealed it would trim its workforce by about 20%. In October, it stated it would cut an unspecified number of employees. The November layoffs appear to be the culmination of that cut.
Marinus had 165 full-time employees as of Dec. 31, according to a March SEC filing. As a result of the May and November cuts, the company could have about 73 employees remaining.
The November workforce reduction is a cost-cutting measure after ganaxolone’s Phase III disappointment in October. At that time, Marinus shared that the TrustTSC trial evaluating oral ganaxolone did not meet the primary endpoint of percent change in 28-day frequency of seizures associated with tuberous sclerosis complex.
At that time, the company said it was discontinuing further clinical development of the drug and exploring strategic alternatives with the goal of “maximizing value for stockholders.” In its November announcement, Marinus shared it has a Type C meeting with the FDA later this quarter to discuss a potential path forward for intravenous ganaxolone in refractory status epilepticus.
In June, the company announced results for the drug in that use. It noted that while the trial met its first primary endpoint showing rapid cessation of status epilepticus in a highly refractory patient population, it failed to achieve statistical significance on the other primary endpoint of the proportion of patients not progressing to intravenous anesthesia.
Marinus also in November reported a net loss of $24.2 million for the third quarter and $98.7 million for the nine months ended Sept. 30. It had cash and cash equivalents of $42.2 million as of Sept. 30. The company expects it can fund its operating expenses and capital expenditure requirements into the second quarter of 2025.
