DGAP-News: Marinomed Biotech AG / Key word(s): Quarter Results
Marinomed Biotech AG Reports Financial Results for 1st Quarter 2021: Growth in Sales, due to persistent strong demand
in Carragelose-based virus blockers
2021-05-26 / 07:45
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG Reports Financial Results for 1^st Quarter 2021: Growth in Sales, due to persistent strong demand
in Carragelose-based virus blockers
Conference call to be held today, 26 May 2021; 10:00 am CEST / 9:00 am BST
. Revenues in Q1 2021 of EUR 2.2 m (Q1 2020: EUR 1.0 m)
. R&D spend EUR 2.2 m in the first quarter, up from EUR 0.9 m in Q1 2020
. Operating Result (EBIT) EUR -1.7 m in Q1 2021 (Q1 2020: EUR -1.4 m). Loss increased due to intensified R&D
. Continued demand for Carragelose-based virus blockers due to COVID-19 pandemic despite weak flu and common cold
markets in pandemic environment
. Marinomed confirms financial outlook for the full year 2021
Korneuburg, Austria, 26 May 2021 - Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with
globally marketed therapeutics derived from innovative proprietary technology platforms, today reported strong growth
for the first quarter of 2021. Marinomed's revenues more than doubled to EUR 2.2 m (Q1 2020: EUR 1.0 m). The increase
mainly resulted from the continued demand in the Company's Carragelose-based virus blockers, especially in comparison
to the pre-pandemic Q1 2020.
Clinical data published in early 2021 confirmed Marinomed's previous findings that Carragelose virus blocker is
effective against SARS-CoV-2, reinforcing the demand for Carragelose-based products during the pandemic. Due to
increased research & development (R&D) investments in the two technology platforms, Marinosolv and Carragelose, the
operating result (EBIT) decreased to EUR -1.7 m (Q1 2020: EUR -1.4 m), which is in-line with Marinomed's business plan.
Marinomed confirms its previously forecast financial outlook for the full fiscal year 2021.
"Our first quarter results are characterized by continued strong demand for Carragelose-based products, which provide a
sensible addition to the existing pandemic prevention and treatment armory. On the scientific side, we saw exciting
progress: A multicenter Argentinian trial demonstrated that Carragelose's antiviral mode of action is able to combat
SARS-CoV-2. This is, at least in vitro, also true for several Corona variants, which we showed together with
researchers in Germany during the first quarter this year," said Dr. Andreas Grassauer, Marinomed's CEO. "In parallel,
we are achieving relevant progress with our Marinosolv platform. Besides Carragelose, Marinosolv is an important
cornerstone in our future strategy. The Marinosolv technology is broadly applicable to a range of drug formulations,
significantly improving solubility, bioavailability and efficacy in comparison to conventional medicines. With our
current development programs in allergic, ophthalmologic, and gastrointestinal indications, we hope to provide improved
drug formulations to patients in the future."
Operative highlights in Q1 2021 and after the reporting period:
. January 29: Marinomed announced preliminary revenues and confirmed outlook for 2020
. February 18: Marinomed published new supporting data on the in vitro efficacy of Carragelose against SARS-CoV-2
. February 19: Marinomed shared positive clinical trial results for iota-carrageenan nasal spray in the prevention of
COVID-19
. February 24: Marinomed announced positive clinical data for Carragelose lozenges against respiratory viruses
including SARS-CoV-2
. March 11: Marinomed enrolled first patients in the phase II clinical trial of Tacrosolv to treat Allergic
Rhinoconjunctivitis (Hay Fever)
. March 24: Marinomed enrolled the first patient in clinical study of inhaled Carragelose to treat COVID-19
infections
. April 12: Last patient completed Marinomed's phase II clinical trial of Tacrosolv to treat Ocular Hay Fever
Symptoms
. April 14: Marinomed reported financial results for fiscal year 2020 and record sales for virus blocker Carragelose
. April 21: Marinomed announced positive data demonstrating Carragelose efficacy against SARS-CoV-2 variants
Q1 Financial Results
"Today, we are reporting a very strong first quarter financially. The continuously increasing contribution margin from
Carragelose enables us to invest in further R&D and to pursue the ongoing development of both the Carragelose and the
Marinosolv platforms. These ongoing activities are investments in Marinomed's future," said Pascal Schmidt, CFO of
Marinomed.
Persistent strong demand for Carragelose-based virus blockers propelled Marinomed's revenues in the first quarter.
Revenues increased by almost 119 % compared to Q1 2020 (Q1 2020: EUR 1.0 m), mainly driven by Carragelose product sales.
The increasing demand triggered by the pandemic more than compensated the general decline in common cold and flu
products - in some markets the pharmaceutical industry faced a drop of over 50 % in revenues for this segment (Source:
IQVIA).
As planned, Marinomed intensified its efforts in R&D during Q1 2021. Expenses amounted to EUR 2.2 m compared to EUR 0.9 m
in the same quarter in 2020, an increase of 151 %. The R&D efforts covered both research platforms, Carragelose and
Marinosolv, with Carragelose capturing approximately 65 % of total external R&D investments. Marinomed's strong focus
on Carragelose is a response to the COVID-19 pandemic. In the future, Marinomed intends, as already announced, to
re-shift the focus in R&D activities to the Marinosolv platform, in which the Company sees large future potential.
The growth of R&D investments resulted in an increased operating loss (EBIT) of EUR 1.72 m in Q1 2021, up from EUR 1.41 m
(Q1 2020). Net loss for the period was EUR 2.10 m compared to EUR 1.57 m in Q1 2020. The higher net loss reflects a small
increase in financing expenses to EUR 0.35 m from EUR 0.17 m in the previous period. Operating and net loss are in line
with the Company's business plan and outlook as stated in the annual report 2020.
Marinomed confirms its financial outlook for the fiscal year: The Company expects Carragelose sales to grow further but
below the 2020 level. Marinomed plans a slight increase in R&D costs leading to an operating loss in fiscal 2021.
Select financial figures for Q1 2021
Q1 2021 Q1 2020
All amounts in EUR thousand
Revenues 2,217.2 1,013.9
Personnel expenses 1,171.9 1,013.6
R&D expenses 2,170.0 863.5
Operating result (EBIT) -1,741.9 -1,406.5
Total comprehensive loss for the period -2,095.8 -1,574.9
Cash flow utilized in operating activities -3,721.3 -1,588.2
Total change in cash & cash equivalents -4,063.9 -1,790.3
as of 31.03.2021 as of 31.12.2020
Capital and reserves 3,454.6 5,357.6
Cash and cash equivalents 5,143.0 9,206.9 The full quarterly statement can be found on the Company's website: https://www.marinomed.com/en/investors/ publications
Conference Call Details:
Marinomed Biotech AG (VSE:MARI) will talk about these first quarter financial results in an international conference call (held in English language), today. The conference call is scheduled for 10.00 a.m. CET (9.00 a.m. GMT). Your conference call partners will be Dr. Andreas Grassauer, CEO, and Pascal Schmidt, CFO.
Participants may pre-register and will receive dedicated dial-in details to easily and quickly access the call: https://services.choruscall.de/DiamondPassRegistration/register?confirmationNumber=4875402&linkSecurityString=7deb4cd52
The presentation can be downloaded approx. 15 minutes before the conference call from the Company's website: https:/ /www.marinomed.com/en/investors/publications
About Marinomed Biotech AG Marinomed Biotech AG (Korneuburg, Austria) (VSE:MARI) is an Austrian science-based biotech company with globally marketed therapeutics listed on the Prime Market of the Vienna Stock Exchange. The company focuses on the development of innovative products based on two patent-protected technology platforms. The Marinosolv^(R) technology platform increases the efficacy of hardly soluble compounds for the treatment of sensitive tissues such as eyes, nose, lung or gastrointestinal tract. The Carragelose^(R) platform comprises innovative patent-protected products targeting viral infections of the respiratory tract and can reduce the risk of an infection with SARS-CoV-2. Carragelose^(R) is used in nasal sprays, throat sprays and lozenges, which are sold via international partners in over 40 countries worldwide. Marinomed, Marinosolv^(R) and Carragelose^(R) are registered trademarks of Marinomed AG. These trademarks may be owned or licensed in select locations only. Further information is available at https://www.marinomed.com/en/ technologies-markets/markets.
For further inquiries contact:
Marinomed Biotech AG International Media and IR Contact
Pascal Schmidt, CFO MC Services AG
Hovengasse 25, 2100 Korneuburg, Austria Dr. Brigitte Keller, Julia Hofmann
T +43 2262 90300 T +49 89 210228 0
E-mail: ir@marinomed.com UK: Shaun Brown
http://www.marinomed.com M: +44 7867 515 918
E-mail: marinomed@mc-services.eu Disclaimer
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