Marinomed Biotech AG: Restructuring proceedings successfully completed
Marinomed Biotech AG (VSE:MARI) announces that the restructuring proceedings without self-administration opened on August 14th, 2024, have been formally completed by resolution of the Korneuburg regional court on January 14 th, 2025. In December, the Company met all necessary prerequisites, including depositing the funds required for payment of the cash quota and the costs of the proceedings. With the formal end of the proceedings, administration by the insolvency administrator has also ended and the Management Board has regained control over the Company.
Prior to this, unanimous approval of the restructuring plan was obtained from the creditors, in particular the European Investment Bank. The plan provides for a quota of 30%, payable within the next two years. Key element of fulfilling the plan is the sale of the Carragelose business to Unither Pharmaceuticals. Shareholders’ approval, which is one major closing condition for this deal, has been obtained in an extraordinary general meeting on December 19th, 2024.
“We are relieved that we were able to successfully complete the restructuring process. With the sale of the Carragelose business, we are well positioned to fulfill the restructuring plan. At the same time, our top priorities are now to develop a new strategy and to push ahead with the commercialization of our Marinosolv and Solv4U assets”, Andreas Grassauer, CEO of Marinomed, adds.
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: www.marinomed.com.
Contact
Marinomed Biotech AG
PR & IR: Lucia Ziegler
T: +43 2262 90300 158
E-Mail: pr@marinomed.com
E-Mail: ir@marinomed.com