03:08 PM EDT, 10/24/2024 (MT Newswires) -- Marinus Pharmaceuticals ( MRNS ) shares plunged nearly 82% in recent Thursday trading after the company said its phase 3 trial of oral ganaxolone failed to meet its main goal and announced plans to reduce costs and explore alternatives for the business.

Marinus was studying the drug as a treatment for seizures associated with tuberous sclerosis complex in children and adults. The trial failed to achieve "statistical significance" on its primary endpoint of percent change in 28-day frequency of tuberous sclerosis complex-associated seizures, the drugmaker said.

Marinus said it would no longer be developing ganaxolone and would take steps to save costs, including a workforce reduction.

The company also said it has hired Barclays to assist in reviewing its strategic alternatives.

Price: 0.31, Change: -1.38, Percent Change: -81.89