EQS-News: Marinomed Biotech AG reports preliminary financial figures for the first half of 2024

EQS-News: Marinomed Biotech AG / Key word(s): Preliminary Results/Half
Year Results
Marinomed Biotech AG reports preliminary financial figures for the first
half of 2024

20.08.2024 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Marinomed Biotech AG reports preliminary financial figures for the first
half of 2024

• Revenues of EUR 2.5 million generated in the first half of 2024 (H1
2023: EUR 5.2 million); cash and cash equivalents as of 30.06.2024 at
EUR 0.9 million (31.12.2023: EUR 2.6 million)
• Court restructuring proceedings without self-administration opened on
August 14, 2024; Marinomed shares now listed in the standard market
continuous segment of the Vienna Stock Exchange
• New partnerships for Carragelose and Solv4U and progress with new
Carragelose products

Korneuburg, Austria, 20. August 2024 – Marinomed Biotech AG (VSE:MARI)
reports revenues of EUR 2.5 million for the first half of 2024. This
corresponds to a decline of around 53% compared to the first half of 2023
(EUR 5.2 million). As already reported, this is mainly due to high
inventory levels at Marinomed’s marketing partners and therefore fewer
orders. Compared to the first quarter of 2024, however, significantly more
Carragelose products were delivered and revenues more than doubled in Q2
(from EUR 0.7 million to EUR 1.7 million). The operating result (EBIT)
amounted to EUR -3.2 million (H1 2023: EUR -2.9 million). Cash and cash
equivalents fell to EUR 0.9 million compared to end of 2023 (EUR 2.6
million). After it was not possible to raise the funds needed to secure
liquidity in the short term, court restructuring proceedings without
self-administration were initiated on August 14, 2024, at the Company’s
request.

Marinomed was able to push ahead with several initiatives in the first
half of the year: An existing Carragelose partnership with a leading
consumer healthcare player was expanded to include selected countries in
Europe and beyond. In connection with this, Marinomed was able to record a
first milestone in the amount of EUR 0.5 million. There is also news about
the two new Carragelose products: The clinical trial in Spain, in which
the effectiveness of Carragelose eye drops against dry eye symptoms was
tested, is currently being evaluated and initial results are expected
shortly. In addition, the anti-allergic nasal spray Coldamaris Allergie
was launched in the first quarter of 2024. In the second quarter, this
product already achieved the second-best result after Coldamaris plus,
underlining the need for products to treat hay fever.

In addition to Aché Laboratórios in Brazil, the Solv4U unit has now
entered into its third long-term partnership with Unither Pharmaceuticals
in France. Both companies are evaluating the potential of the Marinosolv
technology to sustainably improve the availability of drugs.

Andreas Grassauer, CEO of Marinomed, says: “Despite intensive efforts, we
have unfortunately not succeeded in raising the funds required in the
short term to secure the Company’s liquidity. It was therefore necessary
to apply for restructuring proceedings. Our top priority is now the
sustainable stabilization of Marinomed in the course of the restructuring
proceedings, which were opened on August 14, 2024. The second priority is
to generate funds from revenues, partnerships and the implementation of
strategic options for the Carragelose business. We are aiming to make a
decision here by the end of the year. We are also in negotiations with
investors to secure the Company’s liquidity.”

“The restructuring process offers us the opportunity to improve the
Company’s financial situation, while continuing our activities and
preserving the Company’s values. However, further cost-saving measures are
necessary; this also affects our financial reporting. After the half-year
financial report 2024, we will only publish financial reports on the basis
of the Austrian Commercial Code (UGB). We will also refrain from
publishing quarterly reports. As the publication of the full half-year
financial report 2024 had to be postponed due to the current situation, we
hereby provide an update on the key figures. The publication of the
half-year financial report 2024 is planned after the three-month
restructuring phase. We continue to strive for maximum transparency and
are grateful for the support of our stakeholders,” Pascal Schmidt, CFO of
Marinomed, added.

Selected preliminary key financial figures for H1 2024
Disclaimer: These selected preliminary key figures as of June 30, 2024,
have been prepared on a going concern basis after successful completion of
the restructuring process. The publication of the half-year financial
report 2024 and the review report is planned after completion of the
restructuring process.

All amounts in € thousand H1 2024 H1 2023
Revenues 2,463.9 5,228.5
Operating result (EBIT) -3,225.3 -2,906.4
R&D expenses -3,137.1 -3,712.4
Cash flow utilized by operating activities -1,890.0 -2,275.4
       30.06.2024      31.12.2023
Cash and cash equivalents 911.5 2,588.8
Balance sheet total 11,323.0 14,611.7

On August 14, 2024, restructuring proceedings without self-administration
were opened for Marinomed Biotech AG. The Company’s shares are now
tradable on the standard market continuous of the Vienna Stock Exchange.
Dr. Ulla Reisch (deputy: Mag. Georg Hampel) was appointed as insolvency
administrator. All information on the restructuring proceedings of
Marinomed Biotech AG can be found here:
[1] https://www.marinomed.com/en/investors-esg/restructuring-proceedings

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 Vienna Stock Exchange
(VSE:MARI). For further information, please visit:
[2] https://www.marinomed.com.

For further inquiries contact:

Marinomed Biotech AG
PR & IR: Lucia Ziegler
T: +43 2262 90300 158
E-Mail: [3]pr@marinomed.com
E-Mail: [4]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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20.08.2024 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: 1971719

 
End of News EQS News Service

1971719  20.08.2024 CET/CEST

References

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4. ir@marinomed.com