BRANFORD, Conn., Jan. 7, 2013 /PRNewswire/ -- Marinus Pharmaceuticals, Inc. is pleased to announce $21 million in new Series C financing from U.S. venture capital firm Domain Associates, LLC, Rusnano subsidiary RusnanoMedInvest (RMI), and co-investors Canaan Partners, Sofinnova Ventures and Foundation Medical Partners. Based in Branford, Connecticut, Marinus is the developer of the first-in-class, neuroactive steroid Ganaxolone.
Marinus Pharmaceuticals—the leader in the development of neurosteroids for central nervous system disorders—is formulating Ganaxolone for the treatment of neurological and psychiatric indications. Ganaxolone was licensed in 2003 from Purdue Pharma and has been reformulated and optimized using the Marinus-patented nanotechnology platform. Phase II clinical results indicate a significant reduction in seizure frequency among adult epileptics and confirm an excellent therapeutic safety profile of the drug. Additional Phase II studies are underway to test the effectiveness of the Ganaxolone in treating post-traumatic stress disorder and fragile-X syndrome.
"Marinus is pleased to have the financial support of Domain and RMI in addition to our current syndicate," said Christopher M. Cashman, Chief Executive Officer of Marinus Pharmaceuticals, Inc. "This financing is critical for the progression of multiple clinical studies throughout the US. We look forward to building a successful relationship with RMI and advancing the development of Ganaxolone in Russia and the CIS countries."
"We are very excited to be working with RMI on the continued development of Ganaxolone," said Nicole Vitullo, Partner at Domain Associates, LLC. "The Series C funding will enable Marinus to conduct further clinical development in Epilepsy and other CNS indications."
Rusnano was founded in March 2011 as an open joint stock company through the reorganization of state corporation Russian Corporation of Nanotechnologies. Rusnano's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100 percent of the shares in Rusnano. Anatoly Chubais is CEO and chairman of the Executive Board of Rusnano. www.rusnano.com
Venture capital company RusnanoMedInvest (RMI) is a subsidiary company of Rusnano. RMI was founded in 2012 to realize advanced projects in medicine and pharmaceuticals involving the transfer of intellectual property rights and modern pharmaceutical production technology to Russia.
About Domain Associates, LLC
Domain Associates, LLC is a venture capital firm with an exclusive focus on life sciences. With $2.4 billion of capital under management, Domain is headquartered in Princeton, NJ with a second office in San Diego, CA. Partners of Domain have been involved in the formation and growth of more than 235 life-sciences companies. Domain has an investment portfolio of 80 companies.
About Marinus Pharmaceuticals
Based in Branford, Connecticut, Marinus Pharmaceuticals is a specialty pharmaceutical company dedicated to the reformulation, development, and commercialization of novel drugs to treat serious neurological and psychiatric disorders. Investors include Domain Associates LLC, RusnanoMedInvest, Canaan Partners, Sofinnova Ventures and Foundation Medical Partners. www.marinuspharma.com.
SOURCE Marinus Pharmaceuticals, Inc.