• Conclusion of contracts with Berlin-Chemie and Mundipharma expand number of territories for distribution of Carragelose® products
• Various financing options, including an IPO, being evaluated to fund the company’s growth trajectory
Vienna-based Marinomed Biotech AG (Marinomed) continues its growth path. The company is making significant progress in developing its Marinosolv® technology platform and can start a Phase III clinical approval study for the first product derived from the technology platform earlier than expected, still in winter 2018/19. For its established Carragelose® platform, which comprises innovative patent-protected products for the treatment of viral infections of the respiratory tract, the biopharmaceutical company was able to expand its sales territory by ten markets with the conclusion of two new contracts. Marinomed is therefore evaluating several options for financing the continued development of the company, including an IPO on the Vienna Stock Exchange.
Innovative platforms targeting a multiple billion Euro market
The technology platform Marinosolv® has been developed to increase the efficacy of hardly soluble compounds for the treatment of sensitive tissues such as the eyes and nose. This innovative technology has the potential to sustainably change a number of therapies for allergies and auto-immune diseases.
The allergic rhinitis market is a multiple billion Euro market with strong growth prospects. Marinomed intends to tap into this market with its Marinosolv® and Carragelose® platforms. According to the World Allergy Organization (WAO), up to 30% of the world’s population is affected by allergic rhinitis. The most advanced Marinosolv® product, Budesolv, for which the pivotal study is expected to start shortly, aims at treating allergic rhinitis.
“We are constantly working on the continued development of our platforms and products. The pivotal clinical study for a flagship Marinosolv® product marks the next major step for us”, says Marinomed CEO Dr. Andreas Grassauer. “We aim to secure longer-term funding for our company’s growth, which is why we are currently examining various financing options, including an IPO.”
Ten additional markets for Carragelose®
Marinomed has also seen positive development for its already established and successful Carragelose® platform. Two new agreements to expand its sales territory have just been concluded. In the future, Carragelose® products will be distributed in Slovakia, Ukraine, Moldavia, Belarus, Georgia, Armenia, Uzbekistan and Mongolia through its partnership with Berlin-Chemie AG. Via Mundipharma, Marinomed’s Carragelose® products will be distributed into Canada and Turkey. The new agreements represent a continuation of existing excellent partnerships. Berlin-Chemie has been commercializing Marinomed products already in three countries since 2016. Marinomed’s partnership with Mundipharma began in 2015 and relates to the distribution in twelve markets to date.
In addition to the extended partnership agreements with Berlin-Chemie and Mundipharma, Marinomed has already ventured into markets such as China, Saudi Arabia and Australia this year. Through these global distribution partnerships, Marinomed's Carragelose® products are currently sold in more than 30 countries. Carragelose® is based on a red algae compound that can treat more than 200 different strains of viruses. Marinomed’s Carragelose® products are available on the market under its partners’ own brands. This strategy has enabled Marinomed to perform 65 product launches since 2008.
“Our successful Carragelose® platform shows that we can implement and market innovative ideas. To this end, we have built up a global sales network that we are expanding step by step. This experience also benefits our Marinosolv® technology platform”, says CEO Grassauer. “The cough, cold and allergy segment is the secondlargest category of OTC medicines in the pharmaceutical market. It has the highest potential, with projected annual growth rates of 5% according to the OTC Yearbook of Nicholas Hall. We plan to actively participate in this growth.”
About Marinomed Biotech AG
Marinomed is a Vienna based biopharmaceutical company focusing on the development of innovative products derived from patent protected technology platforms to treat respiratory and ophthalmic conditions. The Carragelose® platform comprises innovative patent protected products targeting viral infections of the respiratory tract. Carragelose® is used in nasal sprays, throat sprays and lozenges, which are sold in more than 30 countries around the world in collaboration with international partners. The Marinosolv® technology platform increases the efficacy of hardly soluble compounds for the treatment of sensitive tissues such as the eyes and nose. Further information is available at www.marinomed.com.
Dr Eva Prieschl-Grassauer
Chief Scientific Officer, Marinomed
Veterinärplatz 1, 1210 Vienna, Austria
Tel.: +43 (0)1 250 77 4460
Managing Partner, Metrum Communications
Prinz-Eugen-Straße 80/16, 1040 Vienna, Austria
Tel.: +43 (0) 1 504 69 87 331