Marinomed Biotech AG, a globally active biopharmaceutical company based in Vienna, achieved a number of important milestones in the first three quarters of 2019. Following the completion of the successful phase III study for the new allergy drug Budesolv, the company has prepared for the approval and commercialization of the industry leading product.
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“Our goal is to make Budesolv available to as many allergy patients as possible, and as quickly as possible. In November 2019, more detailed Phase III clinical data was presented for the first time at the prestigious ACAAI Congress in Houston, USA. These data demonstrate the effectiveness of our innovative Marinosolv® platform. We are confident that we will be able to successfully use the technology in further projects,” said Dr. Andreas Grassauer, CEO of Marinomed.
With the products of the Carragelose® segment, the first causative treatment against colds and flu, Marinomed achieved slight sales growth of $3.63 million (€3.30 million) in the first nine months of 2019 (1-9/2018: $3.55 million (€3.23 million)).
In order to achieve its long-term growth targets, Marinomed focused on investments in research and development in the first three quarters of 2019. At $3.51 million (€3.19 million), these were significantly higher than in the same period of the previous year (1-9/2018: $2.32 million (€2.11 million)). As planned, the operating result (EBIT) was negative in the reporting period at -$5.81 million (-€5.28 million), reflecting the high R&D expenses and, in particular, the one-off costs in connection with the IPO (1-9/2018: -$3.40 million (-€3.09 million)).
The losses for the first three quarters of 2019 amounted to -$6.77 million (-€6.15 million), compared with -$4.19 million (-€3.81 million) in the same period of the previous year. Total assets increased from $5.79 million (€5.26 million) as of December 31, 2018, to $17.37 million (€15.77 million) as of September 30, 2019. Cash equivalents increased to $11.39 million (€10.34 million) in the first nine months of 2019 (12/2018: $1.89 million (€1.72 million)).
Marinomed has an extremely solid capital base to finance its high research and development expenses. That was further strengthened by the European Investment Bank’s loan commitment of up to $16.52 million (€15 million).
In October 2019, Marinomed utilized the first tranche of the $4.40 million (€4 million) loan and is planning to use it primarily for further research in the Marinosolv® segment. Marinosolv® offers various application possibilities, as a large number of existing drugs could be optimized by better dissolution of the active ingredients.
Marinomed also plans further investments in the Carragelose® segment – in clinical studies, in optimizing production and in continuing the approval process for Carravin, a combination of Carragelose® and the decongestant active ingredient xylometazoline.
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First published in FinanzNachrichten, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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