Plausible acquisition target

NASDAQ:MRNS   Marinus Pharmaceuticals, Inc.
Potential near-term catalysts:
- breakthrough therapy designation in RSE
- end-of-PhII meetings for PPD and RSE
- partnership or acquisition

Thesis summary:
Drug showed 100% seizure control at 24h in PhII trial in patients with drug-resistant, life-threatening seizures (RSE)
Intravenous formulation of the drug showed strong anti-depressant activity but oral disappointed in a PhII trial. Oral setback likely a matter of patient compliance.
Stock sold off with investors overlooking value of IV in severely depressed patients (think IV ketamine) and RSE.
2 PhIII trials ongoing in orphan pediatric conditions.
Filed new patents in 2018 that should boost IP protection for the drug until 2038.
Company chose not to raise cash following ++ RSE data release, suggesting ongoing partnership/acquisition talks.

Key stats:
- debt-free
- cash through Q3 2020
- similar drug to SAGE at 1/100 the valuation


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