Marinomed focuses on growth after successful restructuring
Marinomed Biotech AG (VSE:MARI) has realigned its finances after a successful restructuring and is optimistic about the future. After receiving a first payment of EUR 5 million, further financial stability should be ensured by the milestone payments and the ongoing transition service agreement following the sale of the Carragelose business to Unither Pharmaceuticals. This allows Marinomed to focus operationally on the Marinosolv technology, which is used to enhance the solubility of hydrophobic compounds. This increases their bioavailability and enables a faster onset of action.
The current focus is on Budesolv, an innovative nasal corticosteroid for the treatment of severe allergic rhinitis (hay fever). Thanks to the Marinosolv technology, the required dose of commercially available active pharmaceutical ingredients can be reduced by around 85%, while Budesolv takes effect after just a few hours – in contrast to current active pharmaceutical ingredients, which take several days to reach full effect. In addition, Budesolv does not contain any harmful preservatives. The global market for allergic rhinitis has a volume of around USD 13 billion.
The management has a clear strategy for marketing. In order to accelerate negotiations with potential pharmaceutical partners around the world, Budesolv shall be initially approved in a smaller market. Switzerland shall be the first step because the discussions and negotiations with potential partners and the Swiss regulatory authority Swissmedic are most advanced there. At the same time, the corresponding manufacturing capacity will be established to obtain approval in Switzerland as quickly as possible together with a potential partner. At the same time, discussions are being held regarding marketing in larger markets. In the medium term, the management aims to achieve a significant market share in the global rhinitis segment.
A solid financial basis is the foundation for the next operational successes. Following the completion of the restructuring process and the sale of the Carragelose business, Marinomed is on the right track. According to preliminary calculations, the 2024 financial statements will close with a significant loss of around EUR 15 million due to the insolvency. After the legal completion of the restructuring proceedings, Marinomed will report a profit of around EUR 18.9 million in the first quarter of 2025 as a result of the restructuring alone. In addition, a first partial payment of EUR 5 million from the sale of the Carragelose business has already been received, so that the Company currently has sufficient liquid funds.
“By focussing on our business, the successful restructuring and the associated reduction in expenses, we plan to achieve positive operating results from this year onwards. The aim now is to regain the confidence of our shareholders through operational success,” explains Andreas Grassauer, founder and CEO of Marinomed Biotech AG.
Contact
PR: Lucia Ziegler
Marinomed Biotech AG
T: +43 2262 90300 158
E-Mail: pr@marinomed.com
IR: Tobias Meister
Meister Consulting GmbH
T: +43 2262 90300
E-Mail: ir@marinomed.com