Connect with us

Biotech

Marinomed Biotech AG creates the basis for long-term growth

A globally active biopharmaceutical company based in Vienna, Marinomed Biotech AG, has prepared for the approval and commercialization of the leading product in the industry. The company’s aim is to make the new allergy drug, Budesolv, available to as many allergy patients as possible. Dr. Andreas Grassauer, CEO of Marinomed, believes the technology will be applied in other projects soon.

Published

on

This picture show a person holding some allergy pills.

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.

Born2Invest brings you new scientific breakthroughs from all over the world. Our companion app allows you to get finance headlines from industries like banking, cannabis, biotech, and much more. Our software distills news into 500 characters or less so that no matter where you are or how busy your schedule is, you are always updated.

“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)).

SEE ALSO  Do rising Canadian and Australian real estate prices point to a bubble?

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)).

Outlook 2019

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.

__

(Feature image by Sharon McCutcheon via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in FinanzNachrichten, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Olivia McCall is passionate about education, women and children’s rights, and the environment. A long-time investor, she covers news about the latest stocks (lately marijuana and tech), IPOs and indices, and is always on the lookout for socially responsible startups. She also writes about the food sector, and has a keen interest on cryptocurrencies.

Continue Reading

Most Popular