EQS-News

Marinomed Biotech AG announces results for the first quarter of 2024

EQS-News: Marinomed Biotech AG / Key word(s): Quarter Results Marinomed Biotech AG announces results for the first quarter of 2024 22.05.2024 / 07:45 CET/CEST The issuer is solely responsible for the content of this announcement. Marinomed Biotech AG announces results for the first quarter of 2024

• Revenues for the first quarter 2024 declined to pre-pandemic levels of EUR 0.7 million driven by high customer stock levels and return of seasonality
• Q1 2024: New partnerships for Carragelose and Solv4U, agreement with financing partners for deferral of repayments and progress with P&G for the U.S.
• Several initiatives for both Marinosolv and Carragelose assets to generate sufficient cash flows covering the Company’s financing needs

Korneuburg, Austria, May 22, 2024 - Marinomed Biotech AG (VSE:MARI) announces revenues of EUR 0.7 million recorded in the first quarter of 2024. After observing record revenues from Carragelose product sales heavily influenced by the SARS-CoV-2 pandemic over the past years, the revenue in the first quarter of 2024 has declined to levels observed before the pandemic. This decline is mostly due to high inventories and the return of seasonality, causing a drop in customer demand. Due to cost-conscious cash management, cash and cash equivalents stood at EUR 1.9 million compared to EUR 2.6 million at the end of 2023. The operating result (EBIT) stood at EUR -1.9 million (Q1 2023: EUR -1.4 million) and the loss for the period amounted to EUR -2.1 million (Q1 2023: EUR -2.1 million).

“In the first quarter of 2024, we reported good progress for our Carragelose business: Two new distribution partnerships, positive clinical data for blocking allergens as well as the start of a clinical study for our moisturizing eye drops. After the reporting period, we saw the launch in Mexico as well as the first launch for the new allergy blocker in Austria. Regarding our partnership with Procter & Gamble, we are waiting for feedback from the FDA that would allow the launch of our product in the upcoming season”, Andreas Grassauer, CEO of Marinomed, mentions. “Furthermore, we concluded the second long-term partnership for Solv4U with Aché. After solving stability issues for our product candidates Budesolv and Tacrosolv, we are now also making good progress with our Marinosolv products in negotiations with potential partners and the conclusion of partnerships is closer than ever.”