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 € 2.2 m (Q1 2020: € 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 € -1.7 m (Q1 2020: € -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.”