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:
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:

            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: (1)pr@marinomed.com        E-Mail: (1)marinomed@metrum.at
     E-Mail: (2)ir@marinomed.com

                                         1. mailto:marinomed@metrum.at
      1. mailto:pr@marinomed.com
      2. mailto: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
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1908015 22.05.2024 CET/CEST