EQS-News: Marinomed Biotech AG announces results for the 2023 financial year and reports progress with Marinosolv and Carragelose assets
EQS-News: Marinomed Biotech AG / Key word(s): Annual Results
Marinomed Biotech AG announces results for the 2023 financial year and reports progress
with Marinosolv and Carragelose assets
16.04.2024 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG announces results for the 2023 financial year and reports progress
with Marinosolv and Carragelose assets
• Revenues for the 2023 financial year at EUR 9.2 million after pandemic-driven record
years (2022: EUR 11.3 million)
• Important progress for Carragelose with new distribution partners and new products as
well as Marinosolv assets with improved stability for lead products
• Outlook 2024 and beyond: Primary goal to achieve operating profitability through
commercialization of Carragelose and Marinosolv assets
Korneuburg, Austria, April 16, 2024 – Marinomed Biotech AG (VSE:MARI) reports a decline of
revenues by 18.6 % to EUR 9.2 million for 2023 (2022: EUR 11.3 million), which is clearly
above pre-pandemic levels. The expected decrease in demand for cough and cold products due
to the slow-down of the pandemic as well as high customers’ stock levels contributed to low
order volumes. Cash and cash equivalents decreased to EUR 2.6 million (2022: EUR 8.2
million), with no major financing cash-inflows in the 2023 financial year contributing to
the cash position. In March 2024, Marinomed reached an agreement with the European
Investment Bank to defer the capital repayments of the 2019 venture loan (EUR 15 million)
by 18 months.
“In 2023, we made important progress for both our Marinosolv and Carragelose assets.
Challenges related to the stability of Budesolv and Tacrosolv have been largely resolved
and the business development processes for both products have gained significant momentum.
We introduced two new products to the Carragelose portfolio and added new partners to fill
white spots on the distribution map. However, the commercialization process for our
Marinosolv assets takes longer than expected, causing Marinomed to fall short of
expectations,” Andreas Grassauer, CEO of Marinomed, comments. “On the other hand, we have
already reported good news in 2024: We just launched new Carragelose products in Austria
and Mexico, added two new partners to our Carragelose network and made important progress
with P&G towards market access in the U.S. At the same time, significant effort is
allocated to the business development of Budesolv and Tacrosolv.”
Cost-conscious cash management
The decline in revenues was mostly offset by savings in consulting expenses and increased
income from grants and subsidies. Expenses for research and development remained almost
unchanged at EUR 7 million (2022: EUR 6.9 million). Therefore, the operating result (EBIT)
of EUR -5.1 million was slightly below last year’s figure of EUR -4.9 million. The
financial result stood at EUR -1.7 million (2022: EUR -1.5 million). Consequently, the loss
for the year amounted to EUR -6.8 million, after EUR -6.4 million in 2022.
Outlook for 2024 and beyond
Growth in the Carragelose business will be driven by supporting new and existing partners
towards market entry (e.g. with P&G in the U.S. or VitaPlus in Eastern Europe) as well as
partnering the new allergen-blocking nasal spray and moisturizing eye drops. In parallel,
Marinomed evaluates strategic options for the entire Carragelose portfolio. In the
Immunology segment, concluding license deals for both Budesolv and Tacrosolv is the main
priority. Both products have been significantly improved regarding stability and primary
packaging, making them more attractive to potential partners. At the same time, the first
partner for Budesolv, Luoxin, is supported in reaching the next milestone. The current
collaboration is focused on completing regulatory and technical requirements and preparing
a clinical trial in China. Following several successful feasibility studies and smaller
projects, the first long-term Solv4U partnership with SPH Sine in China was concluded in
2023. Similar partnerships are already on the horizon which could significantly increase
Solv4U’s revenue contributions.
“The recent agreement with the EIB and our real estate lenders to suspend repayments by 18
months has given us more flexibility to focus on the commercialization of our assets. In
parallel, we are working on various initiatives that together have the potential to meet
the Company’s financing needs,” Pascal Schmidt, CFO of Marinomed, adds. “Our primary goal
is to achieve operating profitability. Our focus now is on near-term cash generation,
including further license deals for Budesolv and expanding our Carragelose business. We
remain committed to our mission of applying our patented technologies to develop therapies
for diseases with unmet medical needs with a focus on our Marinosolv platform – with own
products as well as through Solv4U technology partnerships.”
Selected financial figures for the 2023 financial year
All amounts in kEUR 2023 2022
Revenues 9,183.5 11,275.9
Personnel expenses -5,048.9 -4,848.7
R&D expenses -7,032.9 -6,905.6
Operating result (EBIT) -5,129.2 -4,913.6
Loss for the year -6,794.8 -6,397.7
Basic earnings per share (in EUR) -4.5 -4.3
Equity -10,136.4 -4,157.1
Total assets 14,611.7 22,286.6
Cash flow utilized by operating activities -4,528.2 -5,202.9
Cash and cash equivalents 2,588.8 8,175.4
Total change in cash and cash equivalents -5,586.5 2,373.2
Details of the 2023 full year results conference call:
Marinomed Biotech AG will inform about its annual financial results 2023 in a conference
call held in English today at 10 a.m. (CEST). Andreas Grassauer, CEO, Eva
Prieschl-Grassauer, CSO, and Pascal Schmidt, CFO will lead through the call.
Pre-registration:
Participants may pre-register via:
[1] https://www.c-meeting.com/web3/meetingRegistration/flaCLBqCy8FKUN6gMfcOmA/3DQVEEWL8KF8KV
Logging in to the call:
Once registered (see above), please use the information provided in the confirmation email
to access the call easily and quickly. We recommend joining the meeting a few minutes prior
to the call.
The presentation can be downloaded c. 15 minutes before the conference call from the
Company’s website: [2]Financial publications :: Marinomed
The press release on the full year 2023 results will be published on 16 April 2024 at 7.45
a.m. CEST / 6.45 a.m. BST and will be available in the news section of the Company’s
website: [3]Corporate News :: Marinomed
The report will be made available in the financial publications section: [4]Financial
publications :: Marinomed
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: [5] https://www.marinomed.com.
For further inquiries contact:
Marinomed Biotech AG International Media Contact
PR & IR: Lucia Ziegler Metrum Communications: Eva Ruppnig
T: +43 2262 90300 158 T: +43 664 4065744
E-Mail: [6]pr@marinomed.com E-Mail: [8]marinomed@metrum.at
E-Mail: [7]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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16.04.2024 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: 1880851
End of News EQS News Service
1880851 16.04.2024 CET/CEST
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6. pr@marinomed.com
7. ir@marinomed.com
8. marinomed@metrum.at
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