# EDGAR Filing Document

**Accession Number:** 0001267813
**File Stem:** 0001558370-23-000691
**Filing Date:** 2023-1
**Character Count:** 18833
**Document Hash:** 04da8c85cc2d1de38f72598412103509
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-000691.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001558370-23-000691

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARINUS PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001267813
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36576
- **FILM NUMBER:** 23567746

**BUSINESS ADDRESS:**
- **STREET 1:** 5 RADNOR CORPORATE CENTER SUITE 500
- **STREET 2:** 100 MATSONFORD RD
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 484-801-4670

**MAIL ADDRESS:**
- **STREET 1:** 5 RADNOR CORPORATE CENTER SUITE 500
- **STREET 2:** 100 MATSONFORD RD
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARINUS PHARMACEUTICALS INC
- **DATE OF NAME CHANGE:** 20031022

?xml version='1.0' encoding='UTF-8'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): January 26, 2023**

## Marinus Pharmaceuticals, Inc.
*(Exact name of registrant as specified in its charter)*

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36576** | **20-0198082** |
| *(State or other jurisdiction of incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |

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| | |
|:---|:---|
| **, Radnor, PA**<br>**5 Radnor Corporate Center, Suite 500**<br>**100 Matsonford Rd, Radnor, PA** | **19087** |
| *(Address of principal executive offices)* | *(Zip Code)* |

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Registrant's telephone number, including area code: **(484) 801-4670**

__________________________________________________________________

*(Former name or former address, if changed since last report.)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.001 | MRNS | Nasdaq Global Market  |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*Appointment of Christine Silverstein to Board of Directors*

On January 26, 2023, the Board of Directors (the "Board") of Marinus Pharmaceuticals, Inc. (the "Company") increased the size of the Board from six to seven members and, upon recommendation by the Nominating and Governance Committee of the Board, appointed Christine Silverstein as a member of the Board, effective immediately. Ms. Silverstein will serve as a Class III member of the Board. The term of the Class III directors will expire at the 2023 Annual Meeting of Stockholders. Additionally, the Board appointed Ms. Silverstein to serve on the Audit Committee of the Board and determined that Christine Silverstein is an "audit committee financial expert," as that term is defined under the Securities and Exchange Commission rules implementing Section 407 of the Sarbanes-Oxley Act of 2002.

Ms. Silverstein will receive the standard compensation amounts payable to non-employee directors of the Company, which includes an annual cash retainer of $45,000 for service on the Board and an additional annual cash retainer of $10,000 for service on the Audit Committee of the Board. Her annual cash retainers will be pro-rated for 2023 to reflect her expected term of service during the calendar year. Also, pursuant to these arrangements, Ms. Silverstein received an initial grant of an option to purchase 32,400 shares of the Company's common stock with an exercise price equal to **$**5.94, the closing price of the Company's common stock on the date of grant, and a 7,200 restricted stock unit ("RSU") award representing the right to receive shares of the Company's common stock. The option will vest and become exercisable in 36 equal monthly installments and the RSU award will vest in three equal annual installments, both of which are subject to her continued service on the Board through each vesting date as well as the terms of the Company's 2014 Equity Incentive Plan.

Ms. Silverstein and the Company also entered into an indemnification agreement requiring the Company to indemnify her to the fullest extent permitted under Delaware law with respect to her service as a director. The indemnification agreement is in the form entered into with the Company's other directors, which was previously filed as Exhibit 10.10 to the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2022.

There is no arrangement or understanding between Ms. Silverstein and any other person pursuant to which Ms. Silverstein was appointed as a director. There are no relationships or transactions in which Ms. Silverstein has or will have an interest, or was or is a party, requiring disclosure under Item 404(a) of Regulation S-K.

*Appointment of Steve Pfanstiel as Chief Operating Officer*

On January 26, 2023, the Board appointed Steve Pfanstiel as Chief Operating Officer ("COO") of the Company, effective immediately. Mr. Pfanstiel will retain his position as the Company's Chief Financial Officer and Treasurer.

In connection with his appointment, Mr. Pfanstiel's annual base salary has been increased to $470,000 with a target annual bonus of 45% of such annual base salary. There are no other changes to Mr. Pfanstiel's employment agreement, dated March 7, 2021 (which has been filed as Exhibit 10.4 to the Company's Annual Report on Form 10-K filed on March 9, 2021), as amended on April 9, 2021 (which has been filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 13, 2021).

Mr. Pfanstiel, age 50, has served as the Company's Chief Financial Officer and Treasurer since April 2021. Mr. Pfanstiel previously served as Vice President, Finance, of LifeScan, Inc. ("LifeScan"), a diagnostic systems manufacturer with products focusing on the diabetes market, from January 2020 to March 2021, where he was responsible for supporting LifeScan's global commercial and development organizations, as well as its financial planning analysis function and treasury. Before LifeScan, Mr. Pfanstiel served as Senior Director of FP&A at OptiNose, Inc. ("OptiNose"), a publicly traded specialty pharmaceutical company focused on creating and bringing to market innovative products for patients with diseases treated by ear, nose, and throat and allergy specialists, from February 2018 to January 2020. During his time at OptiNose, Mr. Pfanstiel served as finance leader for the supply chain, R&D and clinical organizations and was responsible for the broader strategic finance analysis across the organization. From July 2016 to February 2018, Mr. Pfanstiel served as Senior Director supporting Global Strategic

Marketing for the DePuy Synthes Companies, a franchise of orthopedic and neurosurgery companies owned by Johnson & Johnson, where he provided financial leadership to the Global Orthopedics franchise and served as a member of the Orthopedics Global Management Board. From November 2013 to July 2016, Mr. Pfanstiel service as Senior Director supporting North America Commercial, Worldwide Financial Reporting, Strategic Marketing and R&D, for Animas Corporation and LifeScan, members of the Johnson & Johnson Family of Diabetes Companies, where he led the finance team transformation and implementation of a new business strategy with the diabetes leadership team. Earlier in his career, Mr. Pfanstiel held various finance positions for Johnson & Johnson, Janssen R&D and Ethicon Endo-Surgery. Mr. Pfanstiel received his B.A. in Physics from Wabash College, his M.S. in Environmental Systems Engineering from Clemson University and his MBA from Indiana University, Kelley School of Business.

Other than with respect to the increase in Mr. Pfanstiel's annual base salary and target bonus, there are no arrangements or understandings between Mr. Pfanstiel and any other persons pursuant to which Mr. Pfanstiel was appointed as COO of the Company. There are no family relationships between Mr. Pfanstiel and any director or executive officer of the Company and Mr. Pfanstiel has no direct or indirect interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

**Item 8.01. Other Events.** 

On January 30, 2023, the Company issued a press release announcing the appointment of Ms. Silverstein to the Board. A copy of such press release is filed herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

**Item 9.01. Financial Statements and Exhibits.**

***(d) Exhibits***

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1 | [Press Release, dated January 30, 2023, of Marinus Pharmaceuticals, Inc](mrns-20230126xex99d1.htm). |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | **MARINUS PHARMACEUTICALS, INC.** |
| Date: January 30, 2023 | /s/ Steven Pfanstiel |
|  | Steven Pfanstiel |
|  | Chief Financial Officer and Treasurer |

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## Exhibit 99.1

**Exhibit 99.1**

![Logo, company name Description automatically generated](mrns-20230126xex99d1001.jpg)

**Marinus Pharmaceuticals Appoints Christine Silverstein to its Board of Directors**

**RADNOR, Pa. – January 30, 2023 –** Marinus Pharmaceuticals, Inc. (Nasdaq: MRNS), a pharmaceutical company dedicated to the development of innovative therapeutics to treat seizure disorders, today announced the appointment of Christine Silverstein to its Board of Directors and Audit Committee.

"Ms. Silverstein brings to our Board deep capital markets expertise and extensive corporate strategic planning, business development, compliance and risk management experience," said Scott Braunstein, M.D., Chairman and Chief Executive Officer of Marinus. "Her financial and strategic acumen combined with her background in neurology and rare disease make her an outstanding addition to Marinus' Board of Directors as we seek to grow the ZTALMY<sup>®</sup> (ganaxolone) franchise, advance our late-stage programs and expand our clinical pipeline."

Ms. Silverstein is a seasoned finance executive with experience across both private and public biopharmaceutical companies and an aptitude for implementing strong financial strategy, corporate partnering, financial reporting, cash management and improving efficiencies within organizations. Ms. Silverstein currently serves as Chief Financial Officer (CFO) of Excision Biotherapeutics, Inc., and most recently served as CFO of Emendo Biotherapeutics (acquired in December 2020 by AnGes, Inc.). She previously operated in various senior executive roles within the biotechnology industry, including Abeona Therapeutics, as CFO and Principal Financial Officer, and SCO Capital Partners, a New York-based biotechnology venture fund, as managing director. Ms. Silverstein began her career in the financial services industry before moving to capital markets advisory firms, where she was instrumental in advising clients on transaction considerations and formulating effective U.S. public listing and financing strategies.

"Marinus is a dynamic company from its pipeline to its people, and I am thrilled to join at this pivotal juncture following the successful launch of its first product, ZTALMY," said Christine Silverstein. "I look forward to working with the Marinus Board and management as the company continues advancing its clinical programs and commercial capabilities to fulfill its mission of improving the lives of people affected by rare epilepsies and seizure disorders."

A member of CHIEF and Women in Bio, two esteemed networks of exceptional female leaders, Ms. Silverstein holds a Bachelor of Science from the Peter Tobin College of Business at St. John's University and has earned accreditations from the Financial Industry Regulatory Authority (FINRA) and Harvard University. She currently serves on the board of Abeona Therapeutics Inc., a biopharmaceutical company focused on rare pediatric diseases.

**About Marinus Pharmaceuticals**

Marinus is a commercial-stage pharmaceutical company dedicated to the development of innovative therapeutics for seizure disorders. The Company's commercial product, ZTALMY<sup>®</sup> (ganaxolone) oral suspension CV, has been approved by the U.S. FDA for the treatment of seizures associated with CDKL5 deficiency disorder in patients two years of age and older. The potential of ganaxolone is also being studied in other rare seizure disorders, including in Phase 3 trials in tuberous sclerosis complex and refractory status epilepticus. Ganaxolone is a neuroactive steroid GABA<sub>A</sub> receptor modulator that acts on a well-characterized target in the brain known to have anti-seizure effects. It is being developed in IV and oral formulations to maximize therapeutic reach for adult and pediatric patients in acute and chronic care settings. For more information visit www.marinuspharma.com.

**Forward-Looking Statements**

To the extent that statements contained in this press release are not descriptions of historical facts regarding Marinus, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may", "will", "expect", "anticipate", "estimate", "intend", "believe", and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, ganaxolone's potential across a range of seizure disorders, our commercial strategy for ganaxolone, our clinical strategy, development plans and timelines, and other future events.

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**Exhibit 99.1**

![Logo, company name Description automatically generated](mrns-20230126xex99d1001.jpg)

Forward-looking statements in this press release involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, unexpected market acceptance, payor coverage or future prescriptions and revenue generated by ZTALMY; unexpected actions by the FDA or other regulatory agencies with respect to our products; competitive conditions and unexpected adverse events or patient outcomes from being treated with ZTALMY, uncertainties and delays relating to the design, enrollment, completion, and results of clinical trials; unanticipated costs and expenses; the company's cash and cash equivalents may not be sufficient to support its operating plan for as long as anticipated; our ability to comply with the FDA's requirement for additional post-marketing studies in the required time frames; the timing of regulatory filings for our other product candidates; clinical trial results may not support regulatory approval or further development in a specified indication or at all; actions or advice of the FDA or EMA may affect the design, initiation, timing, continuation and/or progress of clinical trials or result in the need for additional clinical trials; the size and growth potential of the markets for the company's product candidates, and the company's ability to service those markets; the company's expectations, projections and estimates regarding expenses, future revenue, capital requirements, and the availability of and the need for additional financing; delays, interruptions or failures in the manufacture and supply of our product candidates; the company's ability to obtain additional funding to support its clinical development and commercial programs; and the effect of the COVID-19 pandemic on our business, the medical community, regulators and the global economy. This list is not exhaustive and these and other risks are described in our periodic reports, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

**Company Contact**<br>Sasha Damouni Ellis<br>Senior Vice President, Corporate Affairs & Investor Relations<br>Marinus Pharmaceuticals, Inc.<br>sdamouni@marinuspharma.com

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