In its first financing round, Marinus Pharmaceuticals Inc. brought in $29.4 million to support in-licensing and development activities for drugs aimed at treating neurological, psychiatric and pain disorders.

Princeton, N.J.-based Domain Associates, San Francisco-based Sofinnova Ventures and Rowayton, Conn.-based Canaan Partners led the Series A financing, with participation by Foundation Medical Partners, also of Rowayton, and private investors.

"Raising money in this environment is particularly difficult," said Harry Penner, chairman and CEO of privately held Marinus, "so we're very pleased that we were able to attract those high-caliber investors to get our deal done and move forward."

The Branford, Conn.-based company was founded in late 2003 with the goal of "identifying really promising programs" in central nervous system disorders, Penner told BioWorld Today. And during the past 18 months, the focus has been on bringing in development programs and promoting them to venture firms.

At this time, Marinus is holding off divulging development details until "we get more milestones under our belt," Penner said, though he did disclose that the company has brought in two programs: one in late preclinical development and one at the clinical stage. The company also plans to bring in another program and is looking at potential candidates.

"We realize that a number of other companies are looking for opportunities," he said, "and we think our focus is especially attractive."

Marinus operates with six full-time employees, and that number is expected to increase to 15 with the Series A funding. The company does a lot of its work through clinical research organizations. Penner said it's difficult to estimate how long the first funding round will sustain the company's work, since it aims at pursuing clinical-stage candidates that "burn up more cash" than early research and development. But, he said, "I think we can expect to be out raising Series B funds in late 2007."

In connection with the financing, Nicole Vitullo, a partner at Domain Associates, and Nicola Campbell, a partner at Sofinnova Ventures, joined Marinus' board.