EQS-News

Marinomed Biotech AG announces results for the 2023 financial year and reports progress with Marinosolv and Carragelose assets - Seite 2

Cost-conscious cash management

The decline in revenues was mostly offset by savings in consulting expenses and increased income from grants and subsidies. Expenses for research and development remained almost unchanged at EUR 7 million (2022: EUR 6.9 million). Therefore, the operating result (EBIT) of EUR -5.1 million was slightly below last year’s figure of EUR -4.9 million. The financial result stood at EUR -1.7 million (2022: EUR -1.5 million). Consequently, the loss for the year amounted to EUR -6.8 million, after EUR -6.4 million in 2022.

Outlook for 2024 and beyond

Growth in the Carragelose business will be driven by supporting new and existing partners towards market entry (e.g. with P&G in the U.S. or VitaPlus in Eastern Europe) as well as partnering the new allergen-blocking nasal spray and moisturizing eye drops. In parallel, Marinomed evaluates strategic options for the entire Carragelose portfolio. In the Immunology segment, concluding license deals for both Budesolv and Tacrosolv is the main priority. Both products have been significantly improved regarding stability and primary packaging, making them more attractive to potential partners. At the same time, the first partner for Budesolv, Luoxin, is supported in reaching the next milestone. The current collaboration is focused on completing regulatory and technical requirements and preparing a clinical trial in China. Following several successful feasibility studies and smaller projects, the first long-term Solv4U partnership with SPH Sine in China was concluded in 2023. Similar partnerships are already on the horizon which could significantly increase Solv4U’s revenue contributions.

“The recent agreement with the EIB and our real estate lenders to suspend repayments by 18 months has given us more flexibility to focus on the commercialization of our assets. In parallel, we are working on various initiatives that together have the potential to meet the Company's financing needs,” Pascal Schmidt, CFO of Marinomed, adds. “Our primary goal is to achieve operating profitability. Our focus now is on near-term cash generation, including further license deals for Budesolv and expanding our Carragelose business. We remain committed to our mission of applying our patented technologies to develop therapies for diseases with unmet medical needs with a focus on our Marinosolv platform – with own products as well as through Solv4U technology partnerships.”