EQS-News: Marinomed Biotech AG announces preliminary revenue for 2023
EQS-News: Marinomed Biotech AG / Key word(s): Preliminary Results
Marinomed Biotech AG announces preliminary revenue for 2023
14.02.2024 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG announces preliminary revenue for 2023
• Preliminary revenues eased as expected to € 9.2 m in 2023 (2022: €
11.3 m) due to reduced Carragelose order volumes caused by sufficient
customer stock levels
• Cash position at € 2.6 m; financial stability secured by
cost-conscious cash management and convertible note funding program
• Outlook for 2024: Market introduction of Carragelose eye drops and
allergen blocker, launch of nasal spray in Mexico, market
authorization with Procter & Gamble for the U.S. expected
Korneuburg, Austria, 14 February 2024 – Marinomed Biotech AG (VSE:MARI)
generated revenues of € 9.2 m in 2023, the majority of which was again
recognized through the sale of Carragelose products. As expected, revenue
decreased by 18.6 % compared to the previous year (2022: € 11.3 m). This
is primarily related to lower order volumes following high stock levels of
Carragelose partners. Cash and cash equivalents decreased to € 2.6 m
(2022: € 8.2 m). Compared to the level at the end of Q3 2023 (€ 2.8 m),
this position remained nearly stable as a result of stricter cash
management and the resumption of the convertible note funding program with
Nice & Green. Marinomed’s top priorities in 2024 are partnering the lead
Marinosolv products, maximizing the value of the Carragelose asset as well
as obtaining market approval for Carragelose in the US.
“In 2023, we made good progress with our initiatives to expand our
Carragelose business. The launch of new products, a new partnership in
Southeast Asia, market approval in Mexico, new clinical data and patents
increased the value of this asset. At the same time, revenues for
Carragelose products fell short of the records set in previous pandemic
years, which was expected. This is primarily driven by our customers’ high
inventories”, Andreas Grassauer, CEO of Marinomed, comments. “We expect
further major milestones in the Carragelose business in 2024. In our
partnership with Procter & Gamble, we have recently made great progress in
preparing for the FDA approval. We are confident that we will be able to
obtain the marketing authorization before the end of 2024 and thus be
tapping into the world’s largest OTC market.”
“We aim to maximize the value of our Carragelose asset. At the same time,
we started a structured process at the end of 2023 to examine various
strategic options for the Carragelose business and are engaged in
discussions with potential partners. This is a logical step at the right
time and offers the opportunity to fully focus on our Marinosolv platform.
It is still our top priority to partner our lead Marinosolv products
Budesolv and Tacrosolv as well as focusing on our core competencies of
research and development,” Pascal Schmidt, CFO of Marinomed, added. “Due
to the current order situation, we see that Carragelose revenues will
continue to decline in the first half of the year and our order backlog is
significantly lower than in February last year. However, we recognize
increasing demand from our customers towards the 2024/25 season. The
rebound can also be expected as product launches and market expansions
start to become effective. With the EIB, a first agreement has been
reached and we are confident to subsequently achieve a general solution
with the EIB and the other lenders. While the current situation remains
challenging, we are fully committed to reaching our goal of profitability
in 2024. We thank our stakeholders and employees for their ongoing trust
and support.”
Note: All values relating to 2023 are preliminary and rounded. The 2023
full year results will be published on April 16^th, 2024.
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:
[1] 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: [2]pr@marinomed.com E-Mail: [4]marinomed@metrum.at
IR: Stephanie Kniep
T: +43 2262 90300 226
E-Mail: [3]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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14.02.2024 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: 1836545
End of News EQS News Service
1836545 14.02.2024 CET/CEST
References
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2. pr@marinomed.com
3. ir@marinomed.com
4. marinomed@metrum.at
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