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EQS-News: Marinomed Biotech AG / Key word(s): Quarter Results
Marinomed Biotech AG announces results for the first quarter of 2024
2024-05-22 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.
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
Q1 2024 Q1 2023
All amounts in kEUR

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 

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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: 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: Financial publications :: Marinomed

The Q1 report will be made available in the financial publications section: 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: https://www.marinomed.com.

For further inquiries contact:

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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: pr@marinomed.com E-Mail: marinomed@metrum.at
E-Mail: ir@marinomed.com
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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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2024-05-22 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
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1908015 2024-05-22 CET/CEST

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May 22, 2024 01:45 ET (05:45 GMT)