Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with globally marketed therapeutics, today announced that it has agreed with Nice & Green S.A. to currently not issue further tranches as part of the Convertible Notes Funding Program (CNFP) that the companies had entered on 04 October 2021. Marinomed believes that with the current situation at the stock markets and its stable financial position, it should reduce the dilutive impact on Marinomed shareholders.
Pascal Schmidt, CFO of Marinomed, commented: "As we are refining our strategy to unlock the potential of our validated platform technologies in new indications with high unmet medical needs, we appreciate the high degree of flexibility offered by the financing agreement with Nice & Green. With Nice & Green, we have a reliable partner and investor that is market-focused and respects our financing needs in the context of our current strategic objectives."
The full press release is available as download here: