I have the M25XPB in a 2001 C310, hull 160. I had similar issues that you are experiencing, it was a burned out fuel pump.
When you turn the key one position, there is no oil pressure (the pressure switch is closed) and the current will flow through the low resistance of the fuel pump to the buzzer. This indicates there is no oil pressure and you should turn the engine off. It is an odd circuit, but works. If the oil switch or fuel pump are faulty, the buzzer will not work. My fuel pump burned out, I could tell before testing it, my nose let me know.
As mentioned, this engine will run if the fuel in the tank is over half full, gravity fed.
You will need to turn the key 2 positions (the spring return position) and listen for the clicking of the pump. If there is no clicking, then as mentioned above, it could be a wiring issue or a faulty pump.
I purchased a new pump from a Kubota tractor dealer, much less $$$ than a marine supplier. I will look for a part # later in case you need one.
Good luck.