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Marinomed Biotech Raises 7 Million Euros On Capital Market



7/20/2017 9:21:57 AM

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Vienna, 20 July 2017 – Vienna company Marinomed Biotech AG raised 7 million euro by issuing a convertible bond on the Vienna Stock Exchange. The company plans to use the funds to validate the patented Marinosolv© technology platform in a clinical setting and prepare the company for the public market.

The Vienna biotech company Marinomed Biotech AG announced the successful private placement of a convertible bond (AT000A1WD52) on the Third Market (MTF) on the Vienna Stock Exchange today. With the support of the issuing bank Erste Group, a total volume of 7 million euro was placed with institutional and private investors. The convertible bond is scheduled to mature in 2021 and Marinomed will pay a coupon of 4 percent. In the event of a public offering, the investors will have the right to convert the bond to shares.

Dr. Andreas Grassauer, CEO and co-founder of Marinomed, regards the successful placement as acknowledgement of the company’s strong development in recent years: "Our focus on the development of patent-protected technology platforms as the basis for innovative therapies has paid off. In 2016, 19 launches of our antiviral nasal and throat spray as well as lozenge products based on the Mavirex© platform took place throughout the world, and as a result of that we more than doubled our sales. With the fresh raised capital we will expand our clinical development and prepare to launch on the stock market."

In the course of preparing for this transaction, the company was converted into a joint-stock company. Consequently, it now fulfils one of the key company law requirements for an IPO (Initial Public Offering). The company also expanded its product pipeline and placed it on a broader basis: Marinomed, which was established in 2006, can now build on two successful technology platforms, the Mavirex© and the Marinosolv© platforms.

Shortly after the establishment of Marinomed, the Mavirex© technology platform led to the development of a polymer from red algae, known as Carragelose®, which is extraordinarily effective in treating viral infections of the upper airways. Carragelose® works by unspecifically covering the viruses and thereby preventing them from docking and penetrating into the cells of the nasal mucosa. At the same time, the polymer forms a soothing and moisturising protective film in the nose. Marinomed has already exploited the clinically proven effect of Carragelose® in a series of nose and throat sprays and lozenges for the treatment of respiratory viruses. These products are now sold by the company’s distribution partners on all continents.

In the course of the R&D activities for the expansion of the company’s products to include combined preparations, the Marinomed researchers succeeded in developing the second technology platform Marinosolv©. Marinosolv© enables the production of stable aqueous solutions from poorly soluble organic molecules like corticosteroids. This means that these active components can be made available to the body faster and more efficiently for therapeutic use. Due to the fact that the solubility of a wide range of different substances can be increased significantly with the help of the patented Marinosolv© technology, this platform opens up far-reaching business opportunities for Marinomed.

The new capital will be used mainly to fund the company’s R&D expenses, foremost the validation of the Marinosolv© technology in a clinical setting as well as to prepare for a public offering.

About Marinomed Biotech AG (status as of July 2017) Marinomed Biotech AG is a biopharmaceutical company based in Vienna. The company’s already marketed products are used in the treatment of colds and flu-like infections based on the MAVIREX® platform. The products are sold through international partners in more than 35 countries throughout the world. The company has developed additional products for use in the treatment of allergies and autoimmune diseases based on the patent-pending MARINOSOLV® platform. Marinomed Biotechnologie GmbH was founded in 2006 as a spin-off of the University of Veterinary Medicine, Vienna.

Further information can be found at www.marinomed.com.


Read at BioSpace.com


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