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Marinomed Biotech

marinomed.com

Founded Year

2006

Stage

IPO | IPO

Date of IPO

2/1/2019

About Marinomed Biotech

Marinomed Biotech is focused on the discovery and development of therapies for respiratory diseases. The company has developed MAVIREX, a technology platform that targets more than 200 different virus strains based on Carragelose, a naturally derived, sulphated galactose polymer from red seaweed with properties for therapies of viral infections of the respiratory system.

Headquarters Location

Veterinarplatz 1

Vienna, 1210,

Austria

+43 1 25077 4460

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Marinomed Biotech Patents

Marinomed Biotech has filed 1 patent.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

7/15/2016

11/29/2022

Chemical processes, Prodrugs, Food additives, Colloidal chemistry, Membrane biology

Grant

Application Date

7/15/2016

Grant Date

11/29/2022

Title

Related Topics

Chemical processes, Prodrugs, Food additives, Colloidal chemistry, Membrane biology

Status

Grant

Latest Marinomed Biotech News

Marinomed Biotech AG reports increase in revenues for the first 9 months 2022 and significant business development progress

Nov 21, 2022

21.11.2022 / 07:45 CET/CEST Marinomed Biotech AG reports increase in revenues for the first 9 months 2022 and significant business development progress Revenues for the first 9 months 2022 (9M) increased by 24% to € 7.1 m (9M 2021: € 5.7 m) Operating result (EBIT) for the first nine months further improved by 26% to € ‑3.8 m (9M 2021: €-5.2 m) Partnerships are progressing in all three business segments - virology, immunology, and other including Solv4U Solid cash position Conference Call today, 21 November at 10.00 a.m. CET (9:00 a.m. GMT) Korneuburg, Austria, 21 November 2022 – Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with globally marketed therapeutics, reported today strong financial results for the first nine months of the financial year 2022. “Despite the challenging environment, 2022 has to date been a very successful year for Marinomed. We are continuing our successful BD activities by steadily expanding our Carragelose partner network in Europe and beyond, including a path to commercializing Carragelose with Procter & Gamble in the US. Being the world’s largest market for OTC products, the US offer great potential. We are convinced that this partnership will contribute significantly to reaching our financial goals in the mid to longer term,” said Dr. Andreas Grassauer, Marinomed’s CEO. “We also have good news for the Marinosolv segment: after delays caused by China’s very restrictive Corona lockdown policy, our partnership with Luoxin for Budesolv is gaining momentum. Finally, we have experienced a very successful first year for our Solv4U technology partnerships. The project has taken off at full speed and we are happy that, following successful feasibility studies, first clients are keen to initiate larger follow-on projects.” Pascal Schmidt, CFO of Marinomed, said: “In the first nine months of this year, we have once again surpassed the previous year’s revenues by a double-digit percentage increase, and we are on track to continue this growth trajectory. In these extraordinary times, Marinomed has intensified its dialogue with the capital market and participated in several investor conferences with a busy schedule, multiple roadshow days, and other investor events. With cash and cash equivalents of € 9.5 m and a steadily increasing revenue stream from our Carragelose business, we have a solid financial basis. We consider ourselves fortunate to say that we look to the future with confidence.” Operative highlights in 9M 2022 and after the reporting period In the first nine months of the year, Marinomed has further expanded its network of partners, most notably through a license agreement with Procter & Gamble (P&G) for the commercialization of Carragelose products in the US. With US$ 7.9 b, the US Cough & Cold segment is almost twice the size of the Western European market (US$ 4.3 b) [1] and represents a very attractive opportunity for Marinomed. Partnerships established by Marinomed in 2021 are also making important progress. M8 Pharmaceuticals, Marinomed’s partner for the commercialization of Carragelose in Brazil and Mexico, is pushing ahead its preparations for market approval. Further, the milestone deal with Luoxin for the development and commercialization of Budesolv in China is picking up speed, after restrictive local lockdowns had impeded work on the project earlier this year. Budesolv and several other candidates in Marinomed’s pipeline are based on the proprietary Marinosolv technology, which other pharmaceutical companies can access via Solv4U technology partnerships. One year after its launch, the Solv4U team experiences continued strong interest from potential partners in this offering, which is further evidenced by full schedules at several industry conferences in fall 2022. In addition, several Solv4U feasibility studies have been successfully completed for a range of substance classes, with the first ones now advancing to more extensive follow-on projects. On the corporate side, Marinomed added Bernd Braunstein as Corporate Counsel to the Company’s management team in October 2022. This allows the management to put more focus on research and business development. Further, Chief Scientific Officer Dr. Eva Prieschl-Grassauer was awarded the Golden Order of Merit of the Republic of Austria in early November for her scientific and economic achievements. To best build on its remarkable success in the OTC market and to enable future growth, Marinomed is carefully implementing its strategy 2025. With a focus on Rx products, the Company will target diseases with a high unmet medical need in virology and immunology, with a focus on autoreactive immune disorders. The validation of existing development programs and design of the formal preclinical and / or clinical development plans are ongoing. Q3 Financial Results and Outlook Revenues for the first 9 months of 2022 increased to € 7.1 m compared to the previous year (9M 2021 € 5.7 m; +24%). Out of Marinomed’s three business segments - virology, immunology, and other, which includes Solv4U - the virology segment recorded the largest portion of revenues with sustained high sales of the virus blocker Carragelose. Demand patterns throughout the year differed from prior years with customers ordering further in advance as a reaction to continued global supply chain issues, suggesting wide appreciation of Carragelose. This caused third quarter revenues to remain slightly below the record third quarter of 2021 (Q3 2022: € 2.2 m vs. Q3 2021: € 2.5 m). To prepare for potential disruptions and be able to meet demand, Marinomed has increased its inventories of raw materials and supplies. R&D expenses have decreased to € 4.9 m compared to the last year (9M 2021: € 6.1 m, ‑18%), which is mostly due to reduced clinical development activities. With its augmented strategy 2025, Marinomed is currently preparing to take several Rx product candidates into formal preclinical and subsequent clinical development in the coming years. The operating result (EBIT) amounted to € -3.8 m, which marks an improvement over the same period in 2021 (9M 2021: € -5.2 m; +26%). Net loss for that period was € 5.8 m compared to € 6.3 m in in the first nine months of 2021. Cash and cash equivalents amounted to € 9.5 m at the end of the third quarter 2022 (31 Dec. 2021: € 5.8 m). Marinomed confirms its financial outlook for the 2022 fiscal year: The Company expects Carragelose revenues in the double digit million range, but an operating loss for 2022. Given the promising progress in its partnerships, Marinomed plans to reach operating profitability in the medium term. Select financial figures for 9M 2022 All amounts in € thousand

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Marinomed Biotech Frequently Asked Questions (FAQ)

  • When was Marinomed Biotech founded?

    Marinomed Biotech was founded in 2006.

  • Where is Marinomed Biotech's headquarters?

    Marinomed Biotech's headquarters is located at Veterinarplatz 1, Vienna.

  • What is Marinomed Biotech's latest funding round?

    Marinomed Biotech's latest funding round is IPO.

  • Who are the investors of Marinomed Biotech?

    Investors of Marinomed Biotech include Austria Wirtschaftsservice and Arax Capital Partners.

  • Who are Marinomed Biotech's competitors?

    Competitors of Marinomed Biotech include Aphios, NGM Biopharmaceuticals, Hemarina, Dyax, Virobay and 12 more.

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