EQS-News: Marinomed Biotech AG aims for financial reorganization by restructuring proceedings without self-administration
EQS-News: Marinomed Biotech AG / Key word(s): Insolvency/Restructure of
Company
Marinomed Biotech AG aims for financial reorganization by restructuring
proceedings without self-administration
14.08.2024 / 09:17 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG aims for financial reorganization by restructuring
proceedings without self-administration
• Application for opening of restructuring proceedings
• Funds necessary to secure liquidity could not be raised as planned
• This step is intended to ensure the Company’s continued existence in
the long term in agreement with its creditors
Korneuburg, Austria, 14. August 2024 – Marinomed Biotech AG (VSE:MARI) is
going to apply for the initiation of restructuring proceedings without
self-administration at the Korneuburg regional court. The reason for the
application is the inability to raise funds required at short notice to
secure the Company’s liquidity and insolvency is imminent. Furthermore,
revenue expectations for the 2024 financial year could not be realized as
anticipated.
The aim of the proceedings is the implementation of a restructuring plan
to sustainably secure the Company’s financial stability. For this purpose,
besides restructuring measures, proceeds including from the realization of
strategic options for the Carragelose business are intended to be used.
Despite intensive efforts, the currently threatening liquidity situation
is caused by the inability to raise further funds on short notice. As
announced, liquidity worsened due to a drop in revenues from the sale of
Carragelose products and delays in concluding further partnerships for the
Marinosolv products. Therefore, significant milestone payments have not
been received.
“To restore the Company’s financial stability, we have therefore decided
to apply for restructuring proceedings. We see this as the best
opportunity to create a sustainable basis for the continuation of the
Company and the commercialization of our innovative products. The current
financing situation has recently massively limited business activities“,
Andreas Grassauer, CEO of Marinomed, says. “Applying for this procedure is
currently the best option for the Company. It offers us the opportunity to
improve the Company’s financial situation and develop our assets at the
same time. We are working hard to achieve a successful restart and to
preserve the values created for all stakeholders. We are grateful for the
trust placed in us.“
“Unfortunately, new partnerships for Solv4U and Carragelose could not fill
the arising liquidity gap in time. Despite significant cash-preserving
measures and an agreement with all lenders to suspend capital repayments,
the liquidity of the Company has recently worsened significantly”, Pascal
Schmidt, CFO of Marinomed, explains. “With remaining cash, expected
inflows from existing partnerships and based on advanced negotiations with
potential investors, we are confident to secure financial stability. Our
aim with approval of the restructuring plan is to secure the Company’s
continued operation and future developments in the long term. Cash
inflows, including from the realization of strategic options for the
Carragelose business, in addition to current revenues and advanced
developments, should make it possible to achieve the restructuring
objectives. The plan is intended to ensure the Company’s financial
stability for the long term.”
The Management Board of Marinomed Biotech AG will submit a restructuring
plan proposal as part of the application. The Company’s operations are to
be continued as part of the restructuring process.
Marinomed Biotech AG was still able to generate revenues of around EUR 9
million in 2023. Around 50 people are employed at the Korneuburg site.
Liabilities amount to around EUR 25 million.
In view of these recent developments, Marinomed Biotech AG postpones the
publication of the half-year financial report 2024 planned for August 20,
2024. The Company will keep the public as well as all affected
stakeholders informed about significant developments. Further information
can be found on the Company’s website [1] www.marinomed.com under the menu
item „Investors & ESG“.
About Marinomed Biotech AG
Marinomed Biotech AG is an Austrian, science-based biotech company with a
growing development pipeline and globally marketed therapeutics. The
Company develops innovative patent-protected products in the therapeutic
areas immunology and virology based on the platform Marinosolv® and the
virus-blocking activity of Carragelose®. The Marinosolv® technology
improves the solubility and bioavailability of hardly soluble compounds
and is used to develop new therapeutics for autoreactive immune disorders.
The virology segment includes Carragelose®-based over-the-counter (OTC)
products to prevent and treat respiratory viral infections that are
partnered in more than 40 countries. The Company is headquartered in
Korneuburg, Austria, and is listed on the prime market of the Vienna Stock
Exchange (VSE:MARI). For further information, please visit:
[2] https://www.marinomed.com.
For further inquiries contact:
Marinomed Biotech AG International Media Contact
PR & IR: Lucia Ziegler Metrum Communications: Roland Mayrl
T: +43 2262 90300 158 T: +43 664 6126228
E-Mail: [3]pr@marinomed.com E-Mail: [5]marinomed@metrum.at
E-Mail: [4]ir@marinomed.com
Disclaimer
This press release contains forward-looking statements, which are based on
current views, expectations and projections of the management of Marinomed
Biotech AG about future events. These forward-looking statements are
subject to risks, uncertainties and assumptions that could cause actual
results, performance or events to differ materially from those described
in, or expressed or implied by, such statements. The current views,
expectations and projections of the management of Marinomed Biotech AG may
be identified by the context of such statements or words such as
“anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project”
and “target”. Forward-looking statements are only valid as of the date
they are made and Marinomed Biotech AG does not assume any obligation to
update, review or revise any forward-looking statements contained in this
press release whether as a result of new information, future developments
or otherwise. Marinomed, Marinosolv® and Carragelose® are registered
trademarks of Marinomed Biotech AG. These trademarks may be owned or
licensed in select locations only.
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14.08.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Marinomed Biotech AG
Hovengasse 25
2100 Korneuburg
Austria
Phone: +43 2262 90300
E-mail: office@marinomed.com
Internet: www.marinomed.com
ISIN: ATMARINOMED6
WKN: A2N9MM
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange
(Official Market)
EQS News ID: 1967521
End of News EQS News Service
1967521 14.08.2024 CET/CEST
References
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3. pr@marinomed.com
4. ir@marinomed.com
5. marinomed@metrum.at
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