EQS-News: Marinomed Biotech AG reports record revenues in the first half of the year and pushes business development activities
EQS-News: Marinomed Biotech AG / Key word(s): Half Year Results
Marinomed Biotech AG reports record revenues in the first half of the year
and pushes business development activities
17.08.2023 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG reports record revenues in the first half of the year
and pushes business development activities
• Half-year results show revenue growth of 7% to € 5.2 million (H1 2022:
€ 4.9 million)
• Marinosolv: Business development activities for Tacrosolv and Budesolv
in full force
• Carragelose: Successful market entry with nasal spray in Mexico,
launch of new eye drop product and positive clinical data support
extension into allergic indications
• Solv4U: First long-term partnership and patent efforts in China
• Outlook: Weaker H2 2023 expected but strong growth pipeline for 2024
and beyond
Korneuburg, Austria, August 17, 2023 – Marinomed Biotech AG (VSE:MARI)
reported a rise of revenues for the first half of 2023 (+7% to € 5.2
million after € 4.9 million in H1 2022), driven by a continued strong
demand for the Carragelose products. The operating result for the period
was € -2.9 million (H1 2022: € -2.5 million) due to increased R&D expenses
and personnel costs. Marinomed was successful in obtaining the market
authorization in Mexico as well as the expansion of the portfolio with an
eye drop product and an anti-allergic product for the next season in 2024.
Supported by excellent clinical data for its two Marinosolv-based product
candidates Tacrosolv and Budesolv, the company pushed its business
development activities in H1 2023 with the aim to enter a new partnership
by the end of the year. Marinomed also entered the first long-term
partnership with its Solv4U business for the dynamic Chinese healthcare
market and the partner will now progress into further development with
Marinomed’s support.
Andreas Grassauer, CEO of Marinomed, said: “Our top priority is the
commercialization of our assets Tacrosolv and Budesolv. For both projects,
business development activities are ongoing, and we aim to strike a
licensing deal by the end of the year. The second focus is to maintain and
expand our Carragelose business. The demand for our products has persisted
throughout the first half of the year. We also reported several good news
for Carragelose, including new products and the opportunity to provide our
nasal spray to an additional 120 million people through a launch in
Mexico. These milestones confirm that we are on the right track and
motivate us to further leverage the potential of our technologies.”
Solid revenues and cash position
Marinomed’s financial performance in H1 2023 underscores its growth
trajectory. Revenues for the period reached EUR 5.2 million, marking a 7%
increase compared to H1 2022, largely attributed to the success of
Carragelose products. While increased R&D expenses and personnel costs
impacted the operating result (EBIT), Marinomed maintains a solid cash
position of EUR 5.4 million as of June 30, 2023, thanks to cost-conscious
cash management.
“The cough & cold market faces a dynamic development from the pandemic
back to seasonality. The Carragelose business reached record levels in the
first half of the year. However, based on current market situations and
our order book, we expect a weaker development for the rest of 2023 with a
possible rebound in early 2024. We are well positioned to achieve growth
through new licensing deals, entering new regions and the extension into
new application areas. At the same time, we evaluate several options to
ensure the stability of our financial position, including the use of the
convertible note funding program. We are dedicated to achieving operating
profitability in the short term, capitalizing on our existing business,
and realizing the full potential of our product portfolio,” Pascal
Schmidt, CFO of Marinomed, added.
Outlook 2023 and beyond
Despite the challenging cough & cold markets in 2023, Marinomed remains
confident in achieving revenue growth for the full year by concluding a
licensing deal for Tacrosolv or Budesolv. In the medium and long term, the
Carragelose business remains a growth story with a recent successful
regulatory approval, new products in allergy and eye care as well as new
partnerships in the pipeline. The promising business development processes
for Budesolv and Tacrosolv allow an optimistic outlook with respect to
short-term profitability.
Marinomed is dedicated to translating the potential of its pipeline
products into commercial success and continues to pursue its three-pillar
strategy by enhancing its existing business, establishing new partnerships
for its most valuable pipeline products and pursuing the goal of
addressing medical gaps.
Selected financial figures for H1 2023
All amounts in € thousand H1 2023 H1 2022
Revenues 5 228,5 4 899,7
Operating result (EBIT) -2 906,4 -2 521,2
Result for the period -3 511,7 -3 839,8
R&D expenses -3 712,4 -3 327,4
Cash flow utilized by operating -2 275,4 -2 232,6
activities
30.06.2023 31.12.2022
Cash and cash equivalents 5 404,4 8,175.4
Current financial liabilities 2 052,8 2,445.6
Non-current financial liabilities 19 506,0 20,182.1
Capital and reserves -7 019,0 -4,157.1
Balance sheet total 17 834,7 22,286.6
Details of the H1/ 2023 conference call:
Marinomed Biotech AG will inform on the H1 results in a conference call
held in English today at 10 a.m. (CEST). Andreas Grassauer, CEO, and
Pascal Schmidt, CFO will lead through the call.
To register, please follow this link:
[1] https://montegaconnect.de/event/ykqccso6sbgcy63ffpwlsjy5c4mj5fre
Once registered (see above), please use the information provided in the
confirmation E-Mail to access the call easily and quickly. We recommend
joining the meeting a few minutes prior to the call.
The presentation for the conference call and the annual report will be
available on the Company’s website at the following
link: [2] https://www.marinomed.com/en/investors-esg/financial-publications
About Marinomed Biotech AG
Marinomed Biotech AG is an Austrian, science-based biotech company with a
growing development pipeline and globally marketed therapeutics. The
Company develops innovative patent-protected products in the therapeutic
areas immunology and virology based on the platform Marinosolv® and the
virus-blocking activity of Carragelose®. The Marinosolv® technology
improves the solubility and bioavailability of hardly soluble compounds
and is used to develop new therapeutics for autoreactive immune disorders.
The virology segment includes Carragelose®-based over-the-counter (OTC)
products to prevent and treat respiratory viral infections that are
partnered in more than 40 countries. The Company is headquartered in
Korneuburg, Austria, and is listed on the prime market of the Vienna Stock
Exchange (VSE:MARI). For further information, please visit:
[3] https://www.marinomed.com.
For further inquiries contact:
Marinomed Biotech AG International Media Contact
PR: Lucia Ziegler Metrum Communications: Roland Mayrl
T: +43 2262 90300 158 T: +43 664 6126228
E-Mail: [4]pr@marinomed.com E-Mail: [6]marinomed@metrum.at
IR: Stephanie Kniep
T: +43 2262 90300 226
E-Mail: [5]ir@marinomed.com
Disclaimer
This press release contains forward-looking statements, which are based on
current views, expectations and projections of the management of Marinomed
Biotech AG about future events. These forward-looking statements are
subject to risks, uncertainties and assumptions that could cause actual
results, performance or events to differ materially from those described
in, or expressed or implied by, such statements. The current views,
expectations and projections of the management of Marinomed Biotech AG may
be identified by the context of such statements or words such as
“anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project”
and “target”. Forward-looking statements are only valid as of the date
they are made and Marinomed Biotech AG does not assume any obligation to
update, review or revise any forward-looking statements contained in this
press release whether as a result of new information, future developments
or otherwise. Marinomed, Marinosolv® and Carragelose® are registered
trademarks of Marinomed Biotech AG. These trademarks may be owned or
licensed in select locations only.
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17.08.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Marinomed Biotech AG
Hovengasse 25
2100 Korneuburg
Austria
Phone: +43 2262 90300
E-mail: office@marinomed.com
Internet: www.marinomed.com
ISIN: ATMARINOMED6
WKN: A2N9MM
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange
(Official Market)
EQS News ID: 1704987
End of News EQS News Service
1704987 17.08.2023 CET/CEST
References
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