Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with globally marketed therapeutics derived from innovative proprietary technology platforms, today reported the results for the first half of the financial year 2021.
Due to strong demand in Marinomed’s Carragelose-based virus blockers, revenues of the Company increased by 41% to € 3.2 m (H1 2020: € 2.3 m), supported by positive scientific and clinical data on the anti-SARS-CoV-2 activity of Carragelose-based products. Total revenues were up to € 4.5 m (H1 2020: € 2.8 m) including governmental support for Marinomed´s Carragelose research & development activities. Due to increased R&D expenses of € 4.3 m (H1 2020: € 2.2 m) for the two technology platforms, Carragelose and Marinosolv, the operating result (EBIT) decreased to € -3.6 m (H1 2020: € -2.9 m), which is in-line with Marinomed’s business plan. Net loss for the period was € 4.4 m compared to € 3.2 m in H1 2020. Marinomed confirms its financial outlook for the full fiscal year 2021 as stated in the annual report 2020.
“Our results for the first half of 2021 show strong demand for Carragelose-based products. These virus blockers are a safe and effective addition to vaccination strategies, especially for those who are too young or otherwise not eligible for vaccination. During the first six months of the year, we were able to significantly advance our two platforms, Carragelose and Marinosolv. We could demonstrate that Carragelose is effective against SARS-CoV-2 wildtype and common variants alike thereby reinforcing the potential of our virus blocker. On the commercial side, we were able to win M8 as distribution partner for Brazil and Mexico who will, once local approvals are granted, commercialize Carragelose in these Latin American markets,” said Dr. Andreas Grassauer, Marinomed’s CEO. “In parallel, we are achieving relevant progress with our Marinosolv platform. We saw encouraging data for dissolved Tacrolimus, our Tacrosolv eye drops, demonstrating symptom relief of both ocular and nasal hay fever symptoms. We were also able to achieve patent protection for our Marinosolv technology in China, one of the major pharmaceutical markets, and are continuously working on further steps to commercializing the Marinosolv platform and its products with the potential to solve undissolvable active ingredients.”