EQS-News: Marinomed Biotech AG: Stable revenues in the first three quarters of 2023 and further progress in business development
EQS-News: Marinomed Biotech AG / Key word(s): Quarter Results
Marinomed Biotech AG: Stable revenues in the first three quarters of 2023 and further
progress in business development
21.11.2023 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG: Stable revenues in the first three quarters of 2023 and further
progress in business development
• Q1-Q3 2023 with stable revenues of € 7.2 million (Q1-Q3 2022: € 7.1 million)
• Marinosolv: progress in business development for Budesolv and Tacrosolv with several
interested parties
• Carragelose: High demand for existing virus blockers and expansion of the product
portfolio for the allergy and lifestyle growth markets
• Outlook: Weaker full year 2023 expected, but strong growth pipeline for 2024 and beyond
Korneuburg, Austria, 21 November 2023 – Marinomed Biotech AG (VSE:MARI) recorded stable
revenues of € 7.2 million in the first three quarters of 2023 (Q1-Q3 2022: € 7.1 million)
due to the continued demand for Carragelose virus blockers. The increase in personnel
costs, higher R&D expenses and lower research subsidies were reflected in the operating
result of € -4.4 million (Q1-Q3 2022: € -3.8 million). For the Carragelose platform,
Marinomed took the necessary steps to create an all-year product portfolio and a product
expansion in the therapeutic area of immunology with an allergy blocker and eye drops. The
first market launches are already in preparation for 2024. Procter & Gamble also secured
the rights for the Carragelose-based allergy spray in the USA. Marinomed has paved the way
for further important partnerships for the product candidates Budesolv and Tacrosolv, which
are based on the Marinosolv technology. In addition, licensing discussions were intensified
at the trade fairs CPHI Barcelona, BIO-EUROPE Munich and the Jefferies London Healthcare
Conference.
Andreas Grassauer, CEO of Marinomed, comments: “The commercialization of our lead products
Budesolv and Tacrosolv as well as the expansion of our Carragelose business, including Asia
and the Middle East, continued to be the focus of the Marinomed team in the third quarter
of 2023. Excellent clinical data and positive market feedback give us confidence that we
will be able to exploit the full potential of our products even in a more difficult
environment. At the largest industry trade fairs CPHI, BIO-Europe and the Jefferies
Healthcare Conference, numerous potential partners showed great interest in our Carragelose
and Marinosolv assets as well as in the Solv4U technology partnerships.”
Solid revenues and financial flexibility secured
Revenues, which were primarily generated with the Carragelose products, remained stable at
€ 7.2 million in the first three quarters of 2023, compared to € 7.1 million in Q1-Q3 2022.
The operating result of € -4.4 million reflected higher personnel costs and R&D expenses as
well as lower research subsidies (Q1-Q3 2022: € -3.8 million). The result for the period
amounted to € -5.6 million, compared to € -5.8 million in the prior-year period. The
convertible note program with Nice & Green which has been established in 2021 was recently
restarted to ensure financial flexibility. Marinomed’s cash position as of September 30,
2023 amounted to € 2.8 million, which does yet not reflect the tax receivable of EUR 0.8
million (mostly research premium) received after the reporting date.
Outlook 2023 and beyond
After significant revenue growth in recent years, Marinomed expects a short-term slowdown
in the Carragelose business. “Our customers feedback to us that Carragelose sales are still
at a higher level than before the pandemic. However, order volumes suggest that the
upcoming quarters will fall behind the record levels of recent years. This is because some
of our key customers have sufficient stocks for this winter. However, as we are already
experiencing a strong cold season, we expect a rebound in demand for Carragelose next
season,” explains CEO Andreas Grassauer.
The market launches of allergy blocker and eye drops planned for 2024 and the ongoing
licensing negotiations should have a positive impact on the revenue situation next year.
Reaching the short-term strategic target of operating profitability depends on when
Marinomed will start generating revenue with its late-stage product candidates. Significant
progress has been made with both Marinosolv products: For the allergy drug Budesolv, the
next steps in the regulatory path and the timelines for market authorization in key regions
have been clarified. For the eye product Tacrosolv, Marinomed provided potential partners
with greater clarity regarding industrial production and stability.
“As the timing of deal closings cannot be precisely predicted, we are currently evaluating
several measures to maintain our financial flexibility. In particular, this involves the
restructuring of the EIB loan, but also strategic equity, debt or convertible investments
as well as a potential sale of assets. Despite the challenging environment, we remain
optimistic that we will achieve our goal of profitability in 2024,” says Pascal Schmidt,
CFO of Marinomed.
Selected financial figures for Q1-Q3 2023
All amounts in € thousand 9m 2023 9m 2022
Revenues 7,156.5 7,094.9
Operating result (EBIT) -4,400.1 -3,830.5
Result for the period -5,603.7 -5,788.8
R&D expenses -5,314.9 -4,949.6
Cash flow utilized by operating activities -4,143.3 -3,726.3
30.09.2023 31.12.2022
Cash and cash equivalents 2,768.9 8,175.4
Current financial liabilities 2,029.3 2,445.6
Non-current financial liabilities 19,346.0 20,182.1
Capital and reserves -9,114.1 -4,157.1
Balance sheet total 15,171.1 22,286.6
Details of the Q1-Q3/ 2023 conference call:
Marinomed Biotech AG will inform on the results for the first nine months 2023 in a
conference call held in English today at 10 a.m. (CET). Andreas Grassauer, CEO, and Pascal
Schmidt, CFO will lead through the call.
To register, please follow this link:
[1] https://www.c-meeting.com/web3/meetingRegistration/C6vc8ZASUrzNntEtOgnkVg/3DQVEEWL8KF8KV
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 Q1-Q3 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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21.11.2023 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: 1777603
End of News EQS News Service
1777603 21.11.2023 CET/CEST
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4. pr@marinomed.com
5. ir@marinomed.com
6. marinomed@metrum.at
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