EQS-News

Marinomed Biotech AG announces results for the 2023 financial year and reports progress with Marinosolv and Carragelose assets

EQS-News: Marinomed Biotech AG / Key word(s): Annual Results Marinomed Biotech AG announces results for the 2023 financial year and reports progress with Marinosolv and Carragelose assets 16.04.2024 / 07:45 CET/CEST The issuer is solely responsible for the content of this announcement. Marinomed Biotech AG announces results for the 2023 financial year and reports progress with Marinosolv and Carragelose assets

• Revenues for the 2023 financial year at EUR 9.2 million after pandemic-driven record years (2022: EUR 11.3 million)
• Important progress for Carragelose with new distribution partners and new products as well as Marinosolv assets with improved stability for lead products
• Outlook 2024 and beyond: Primary goal to achieve operating profitability through commercialization of Carragelose and Marinosolv assets

Korneuburg, Austria, April 16, 2024 - Marinomed Biotech AG (VSE:MARI) reports a decline of revenues by 18.6 % to EUR 9.2 million for 2023 (2022: EUR 11.3 million), which is clearly above pre-pandemic levels. The expected decrease in demand for cough and cold products due to the slow-down of the pandemic as well as high customers’ stock levels contributed to low order volumes. Cash and cash equivalents decreased to EUR 2.6 million (2022: EUR 8.2 million), with no major financing cash-inflows in the 2023 financial year contributing to the cash position. In March 2024, Marinomed reached an agreement with the European Investment Bank to defer the capital repayments of the 2019 venture loan (EUR 15 million) by 18 months.

“In 2023, we made important progress for both our Marinosolv and Carragelose assets. Challenges related to the stability of Budesolv and Tacrosolv have been largely resolved and the business development processes for both products have gained significant momentum. We introduced two new products to the Carragelose portfolio and added new partners to fill white spots on the distribution map. However, the commercialization process for our Marinosolv assets takes longer than expected, causing Marinomed to fall short of expectations,” Andreas Grassauer, CEO of Marinomed, comments. “On the other hand, we have already reported good news in 2024: We just launched new Carragelose products in Austria and Mexico, added two new partners to our Carragelose network and made important progress with P&G towards market access in the U.S. At the same time, significant effort is allocated to the business development of Budesolv and Tacrosolv.”