EQS-News: Marinomed Biotech AG announces results for the first quarter of 2024

EQS-News: Marinomed Biotech AG / Key word(s): Quarter Results
Marinomed Biotech AG announces results for the first quarter of 2024

22.05.2024 / 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 first quarter of 2024

• Revenues for the first quarter 2024 declined to pre-pandemic levels of EUR 0.7 million
driven by high customer stock levels and return of seasonality
• Q1 2024: New partnerships for Carragelose and Solv4U, agreement with financing partners
for deferral of repayments and progress with P&G for the U.S.
• Several initiatives for both Marinosolv and Carragelose assets to generate sufficient
cash flows covering the Company’s financing needs

Korneuburg, Austria, May 22, 2024 – Marinomed Biotech AG (VSE:MARI) announces revenues of
EUR 0.7 million recorded in the first quarter of 2024. After observing record revenues from
Carragelose product sales heavily influenced by the SARS-CoV-2 pandemic over the past
years, the revenue in the first quarter of 2024 has declined to levels observed before the
pandemic. This decline is mostly due to high inventories and the return of seasonality,
causing a drop in customer demand. Due to cost-conscious cash management, cash and cash
equivalents stood at EUR 1.9 million compared to EUR 2.6 million at the end of 2023. The
operating result (EBIT) stood at EUR -1.9 million (Q1 2023: EUR -1.4 million) and the loss
for the period amounted to EUR -2.1 million (Q1 2023: EUR -2.1 million).

“In the first quarter of 2024, we reported good progress for our Carragelose business: Two
new distribution partnerships, positive clinical data for blocking allergens as well as the
start of a clinical study for our moisturizing eye drops. After the reporting period, we
saw the launch in Mexico as well as the first launch for the new allergy blocker in
Austria. Regarding our partnership with Procter & Gamble, we are waiting for feedback from
the FDA that would allow the launch of our product in the upcoming season”, Andreas
Grassauer, CEO of Marinomed, mentions. “Furthermore, we concluded the second long-term
partnership for Solv4U with Aché. After solving stability issues for our product candidates
Budesolv and Tacrosolv, we are now also making good progress with our Marinosolv products
in negotiations with potential partners and the conclusion of partnerships is closer than
ever.”

“Although we are making constant progress and are working on several initiatives in
parallel, the situation remains challenging. Revenues generated by the sales of Carragelose
products will likely be characterized by the post-pandemic overhang of customers’
inventories and lower demand until the end of the year. Reaching an agreement with the EIB
and real estate lenders to suspend repayments by 18 months has given us some more time and
flexibility. At the same time, we have taken several measures to reduce the cash burn as
much as possible”, Pascal Schmidt, CFO of Marinomed, adds. “However, closing deals with
corresponding upfront and milestone payments for our Marinosolv assets remains our
priority. At the same time, we are aiming for a decision regarding the evaluation of the
whole Carragelose portfolio by the end of the first half of the year. We are optimistic
that the cash flows generated from our efforts will be sufficient to cover our financing
needs.”

Selected financial figures for Q1 2024

All amounts in kEUR Q1 2024 Q1 2023
Revenues 737.5 3,319.0
Operating result (EBIT) -1,877.8 -1,391.0
Result for the period -2,130.2 -2,059.8
R&D expenses -1,584.8 -1,938.8
Cash flow utilized by operating activities -944.7 -755.8
  31.03.2024      31.12.2023
Cash and cash equivalents 1,855.7 2,588.8
Current financial liabilities 595.5 6,957.1
Non-current financial liabilities 21,149.8 14,840.2
Capital and reserves -11,841.0 -10,136.4
Balance sheet total 12,148.2 14,611.7

Details of the Q1 2024 results conference call:

Marinomed Biotech AG will inform about its Q1 2024 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.

Participants may pre-register via:
[1] https://www.c-meeting.com/web3/meetingRegistration/MrwrmquMjeT628LbWxkGlA/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 Q1 report will be made available in the financial publications section: [3]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: [4] 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: [5]pr@marinomed.com E-Mail: [7]marinomed@metrum.at
E-Mail: [6]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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22.05.2024 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: 1908015

 
End of News EQS News Service

1908015  22.05.2024 CET/CEST

References

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