EQS-News: Marinomed Biotech AG reports best first quarter in company history

EQS-News: Marinomed Biotech AG / Key word(s): Quarter Results
Marinomed Biotech AG reports best first quarter in company history

23.05.2023 / 07:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Marinomed Biotech AG reports best first quarter in company history

• Q1 revenues up 38% to new record of € 3.3 million thanks to broadband virus blocker Carragelose
• Carragelose: Preparations for market entry in the USA and extension of use to allergic indications in full swing
• Marinosolv: Full focus on commercialization of product candidates Tacrosolv and Budesolv
• Financial outlook for full year 2023 confirmed

Korneuburg, Austria, May 23, 2023 – Marinomed Biotech AG (VSE:MARI) reported new record revenues in the first quarter of
2023 (+38% to € 3.3 million after € 2.4 million Q1 2022) and thus the strongest first quarter in the Company’s history.
This dynamic development was driven especially by the successful establishment of Carragelose as a broadly effective virus
blocker in a particularly strong flu and cold season. Because of higher R&D expenses, the operating result remained at a
similar level of € -1.4 million compared to the same period last year (Q1 2022: € -1.2 million). The cash position as of
March 31, 2023 remained solid at € 7.0 million.

Andreas Grassauer, CEO of Marinomed, says: „In the first quarter of 2023, we were able to demonstrate that Carragelose is
a sustainably growing business in the post-pandemic environment. With new clinical data published in the first quarter on
the efficacy of Carragelose against hay fever, we were also able to create the basis for a future all-season product
portfolio. Accordingly, we are currently preparing the marketing of Carragelose for the next allergy season. Preparations
for our market entry in the USA together with Procter & Gamble are also in full swing, as well as the partnering processes
for our most valuable product candidates Tacrosolv and Budesolv.“

R&D investments continue to shape earnings performance

Research and development expenses increased as planned to € 1.9 million in the first quarter of 2023 (Q1 2022: € 1.6
million). In conjunction with increased personnel costs, the operating result (EBIT) thus remained at a similar level as
in the first quarter of 2022 (€ -1.2 million), despite record revenues of € -1.4 million. The quarterly result came in at
€ -2.1 million (Q1 2022: € -1.8 million). “Carragelose revenues were particularly high in the first quarter this year.
However, the challenges of material costs and delivery times still remain. Based on the current order situation, we are
optimistic of continuing stable revenue growth in the Carragelose segment, though at a lower level than in the first
quarter. At the same time, we are pushing the partnering of our Marinosolv lead products to leverage this revenue
potential and to share costs for clinical studies. This will allow us to better contain the development of R&D costs in
the future and target operating profitability in the short term,“ said Marinomed CFO Pascal Schmidt. Cash and cash
equivalents amounted to € 7.0 million at the end of the first quarter of 2023 (Dec. 31, 2022: € 8.2 million) and are a
result of cost-conscious liquidity management.

Outlook 2023 and beyond

Marinomed has set the goal to successively increase the share of the growth market cough, cold and allergy. In 2023, the
focus for the distribution of Carragelose products will be on entering new markets such as the USA, Mexico and Japan, as
well as on commercializing in the new indication allergy. “Each of our advanced product candidates has the potential to
make a massive positive and sustainable difference to our cash flow. We want to take full advantage of this and are
working with experts to partner our assets,“ said Marinomed CFO Pascal Schmidt. In addition, Marinomed is supporting the
existing Budesolv partner Luoxin in China in its development to reach the next milestones. In the Solv4U business area,
Marinomed is at an advanced stage after having successfully completed feasibility studies with several partners.
Accordingly, Solv4U is well positioned to further increase revenues.

In the long term, Marinomed’s mission is to develop therapies for diseases with unmet medical need in the fields of
virology and immunology based on its patented technology platforms and thus to sustainably improve the quality of life of
patients. In the short term, the focus is on generating revenue to achieve operational profitability and fund the
Company’s further development. For the current fiscal year 2023, Marinomed expects research and development costs to
remain stable, as Carragelose revenues continue to grow, meaning that an operating loss is still expected for the full
year 2023.

Selected financial figures for Q1 2023

All amounts in € thousand Q1 2023 Q1 2022
Revenues 3,319.0 2,411.6
Operating result (EBIT) -1,391.0 -1,240.9
Result for the period -2,059.8 -1,837.6
R&D expenses -1,938.8 -1,571.6
Cash flow utilized by operating activities -755,8 -979,5
       31.03.2023        31.12.2022
Cash and cash equivalents 7,022.4 8,175.4
Current financial liabilities 1,814.0 2,445.6
Non-current financial liabilities 20,081.8 20,182.1
Capital and reserves -5,567.0 -4,157.1
Balance sheet total 19,475.1 22,286.6

Details of the Q1/ 2023 conference call:

Marinomed Biotech AG will inform on the first quarter results in a conference call held in English today at 10 a.m.
(CEST). Andreas Grassauer, CEO, and Pascal Schmidt, CFO will lead through the call.

To register, please follow this link:

[1] https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=4534814&linkSecurityString=644bf49be

Participants will then receive an email with further information on how to join the conference call. The web presentation
([2] https://www.c-meeting.com/web3/join/MLD3PK2LN4AYV8) will start at the same time as the conference call. Only
registered participants will be able to follow the online presentation.

The presentation for the conference call and the annual report will be available on the Company’s website at the following
link: [3] https://www.marinomed.com/en/investors-esg/financial-publications

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 iota-carrageenan. 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: [4] https://www.marinomed.com.

 For further inquiries contact:

Marinomed Biotech AG International Media Contact
PR: Lucia Mayr-Harting Metrum Communications: Roland Mayrl
T: +43 2262 90300 158 T: +43 664 6126228
email: [5]pr@marinomed.com email: [7]marinomed@metrum.at
IR: Stephanie Kniep  
T: +43 2262 90300 226
email: [6]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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23.05.2023 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: 1638423

 
End of News EQS News Service

1638423  23.05.2023 CET/CEST

References

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5. pr@marinomed.com
6. ir@marinomed.com
7. marinomed@metrum.at

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