Marinomed Biotech AG reports increase in revenues for the first 9 months 2022 and significant business development progress
EQS-News: Marinomed Biotech AG
/ Key word(s): Quarter Results
Marinomed Biotech AG reports increase in revenues for the
Korneuburg, Austria, 21 November 2022 – Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with globally marketed therapeutics, reported today strong financial results for the first nine months of the financial year 2022.
“Despite the challenging environment, 2022 has to date been a very successful year for Marinomed. We are continuing our successful BD activities by steadily expanding our Carragelose partner network in Europe and beyond, including a path to commercializing Carragelose with Procter & Gamble in the US. Being the world’s largest market for OTC products, the US offer great potential. We are convinced that this partnership will contribute significantly to reaching our financial goals in the mid to longer term,” said Dr. Andreas Grassauer, Marinomed’s CEO. “We also have good news for the Marinosolv segment: after delays caused by China’s very restrictive Corona lockdown policy, our partnership with Luoxin for Budesolv is gaining momentum. Finally, we have experienced a very successful first year for our Solv4U technology partnerships. The project has taken off at full speed and we are happy that, following successful feasibility studies, first clients are keen to initiate larger follow-on projects.”
Pascal Schmidt, CFO of Marinomed, said: “In the first nine months of this year, we have once again surpassed the previous year’s revenues by a double-digit percentage increase, and we are on track to continue this growth trajectory. In these extraordinary times, Marinomed has intensified its dialogue with the capital market and participated in several investor conferences with a busy schedule, multiple roadshow days, and other investor events. With cash and cash equivalents of € 9.5 m and a steadily increasing revenue stream from our Carragelose business, we have a solid financial basis. We consider ourselves fortunate to say that we look to the future with confidence.”
Operative highlights in 9M 2022 and after the reporting period
Budesolv and several other candidates in Marinomed’s pipeline are based on the proprietary Marinosolv technology, which other pharmaceutical companies can access via Solv4U technology partnerships. One year after its launch, the Solv4U team experiences continued strong interest from potential partners in this offering, which is further evidenced by full schedules at several industry conferences in fall 2022. In addition, several Solv4U feasibility studies have been successfully completed for a range of substance classes, with the first ones now advancing to more extensive follow-on projects.
On the corporate side, Marinomed added Bernd Braunstein as Corporate Counsel to the Company’s management team in October 2022. This allows the management to put more focus on research and business development. Further, Chief Scientific Officer Dr. Eva Prieschl-Grassauer was awarded the Golden Order of Merit of the Republic of Austria in early November for her scientific and economic achievements.
To best build on its remarkable success in the OTC market and to enable future growth, Marinomed is carefully implementing its strategy 2025. With a focus on Rx products, the Company will target diseases with a high unmet medical need in virology and immunology, with a focus on autoreactive immune disorders. The validation of existing development programs and design of the formal preclinical and / or clinical development plans are ongoing.
Q3 Financial Results and Outlook
R&D expenses have decreased to € 4.9 m compared to the last year (9M 2021: € 6.1 m, ‑18%), which is mostly due to reduced clinical development activities. With its augmented strategy 2025, Marinomed is currently preparing to take several Rx product candidates into formal preclinical and subsequent clinical development in the coming years.
The operating result (EBIT) amounted to € -3.8 m, which marks an improvement over the same period in 2021 (9M 2021: € -5.2 m; +26%). Net loss for that period was € 5.8 m compared to € 6.3 m in in the first nine months of 2021.
Cash and cash equivalents amounted to € 9.5 m at the end of the third quarter 2022 (31 Dec. 2021: € 5.8 m).
Marinomed confirms its financial outlook for the 2022 fiscal year: The Company expects Carragelose revenues in the double digit million range, but an operating loss for 2022. Given the promising progress in its partnerships, Marinomed plans to reach operating profitability in the medium term.
Select financial figures for 9M 2022
The full quarterly statement can be found on the Company’s website: https://www.marinomed.com/en/investors-esg/financial-publications
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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.
 CHC Yearbook 2022, Nicolas Hall
21.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Company:||Marinomed Biotech AG|
|Phone:||+43 2262 90300|
|Fax:||+43 2262 90300-500|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange (Official Market)|
|EQS News ID:||1491835|
|End of News||EQS News Service|