EQS-News

Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months

EQS-News: Marinomed Biotech AG / Key word(s): Agreement Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months 28.03.2024 / 07:45 CET/CEST The issuer is solely responsible for the content of this announcement.  Marinomed Biotech AG announces agreement with European Investment Bank (EIB) to defer repayments of the 2019 venture loan for 18 months

• Agreement with the EIB provides for a deferral of all capital repayments for 18 months, while interest rates remain unchanged
• Real estate lenders also agreed to suspend repayments for 18 months
• Marinomed plans to achieve significant milestones in 2024, including further deals for the Marinosolv platform

Korneuburg, Austria, 28 March 2024 – Marinomed Biotech AG (VSE:MARI) has reached an agreement with the European Investment Bank (EIB) on the deferral of repayments of the EUR 15 million venture loan granted in 2019. Under the amendment, repayment of tranche one with a nominal value of EUR 4 million will be shifted from October 2024 to April 2026. Tranche two, with a nominal value of EUR 5 million, will be shifted from December 2025 to June 2027. Marinomed will repay tranche three with an outstanding nominal value of EUR 4.7 million in bi-annual instalments of EUR 0.67 million between December 2025 and August 2028. Interest rates remain unchanged. The amendment contains further terms and conditions, including the extension of the existing royalty agreement for five years. The lenders of the real estate financing also agreed to suspend their capital repayments alongside with the EIB.

“The financing agreement with the EIB has enabled us to make significant progress with our product developments in the fields of virology and immunology. We appreciate the commitment to pause repayments until we can realize the commercialization of our assets. We are working to finalize additional partnerships for our Marinosolv product candidates this year. At the same time, we are also continuously expanding our Carragelose business, most recently with new distribution partnerships for Eastern Europe and the Gulf region. Our collaboration with Procter and Gamble in the U.S. is also gaining momentum. We are confident that our ongoing initiatives will generate sufficient cash flows to meet the Company's financing requirements as well as our liabilities accordingly”, Pascal Schmidt, CFO of Marinomed, comments.