Marinomed Biotech AG evaluates strategic options for Carragelose portfolio

EQS-News: Marinomed Biotech AG / Key word(s): Strategic Company Decision
Marinomed Biotech AG evaluates strategic options for Carragelose portfolio
18.12.2023 / 08:33 CET/CEST
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Marinomed Biotech AG evaluates strategic options for Carragelose portfolio

• Marinomed evaluates strategic options for Carragelose business and hires advisor to approach potential partners
• Change in regulatory legislation for medical devices creates favourable market environment for Carragelose product portfolio
• Marinomed to focus on core competencies of research and development and generation of intellectual property (IP)

Korneuburg, Austria, 18 December 2023 – Marinomed Biotech AG (VSE:MARI) considers strategic options for its Carragelose business and has mandated an external advisor. A structured process was initiated, in which Marinomed and the advisor will start engaging with potential partners. This initiative meets an attractive market environment for those assets that comply with the new EU medical device regulation (MDR). In May 2024, an important interim period ends imposing challenging requirements for all medical devices. Products that don’t fulfil these requirements lose their certificate and must not be marketed. Carragelose products fulfil all necessary prerequisites for the MDR and are backed by extensive clinical data, comprising >1000 patients in 12 international clinical trials. Carragelose is a unique, patent-protected, broadly active virus-blocking compound and is currently used in a marketed product portfolio for the prophylaxis and treatment of viral respiratory infections. Recent clinical data also support the extension of using Carragelose in Allergy and Eye Care, while the potential of further applications is not yet fully exploited. 

"We have developed our Carragelose from idea to a product portfolio successfully marketed worldwide. Today, we leave regulatory and marketing activities mostly to our trusted partners with Marinomed supporting them in scientific questions and patent issues. Therefore, we are continuously assessing the business to enable the best future growth, including strategic partnerships as well as considerations for transferring the portfolio to a partner who could maximize its value,” Andreas Grassauer, CEO of Marinomed, comments. “As our core competencies are the generation of intellectual property, we want to increase our focus on the Marinosolv platform. Main efforts concentrate on our lead product candidates Budesolv and Tacrosolv, and other future innovative pharmaceuticals. This is also in line with our strategy of targeting indications with a high unmet medical need.”

“MDR-ready products receive a lot of interest from OTC-focused companies. Carragelose products are MDR-ready, which underpins that the time for starting a structured process is right now. It may also become an option in our effort to support the financial stability and flexibility of Marinomed. At the same time, the negotiations for restructuring the debt with the EIB are on the right track. We are still driven by our goal to become profitable in 2024,” Pascal Schmidt, CFO of Marinomed, adds.

Marinomed has scheduled a conference call, including a presentation and Q&A session, for December, 18th, at 2:00 p.m. (CET). Andreas Grassauer, CEO, Eva Prieschl-Grassauer, CSO and Pascal Schmidt, CFO will lead through the call. To register, please follow this link:

https://www.c-meeting.com/web3/meetingRegistration/q1m0fKMJc4zs80rHZGTrAw/3DQVEEWL8KF8KV

Once registered (see above), please use the information provided in the confirmation E-Mail to access the call easily and quickly. We recommend joining the meeting a few minutes prior to the call.

About Carragelose®:

Carragelose® is a sulfated polymer from red seaweed and a unique, broadly active virus-blocking compound. It is known as a gentle, effective, and safe prevention and treatment of various viral respiratory infections. Several clinical and preclinical studies have shown that Carragelose® forms a protective layer on the mucosa that prevents viruses from infecting cells. Laboratory and clinical data have demonstrated that Carragelose® can also inhibit the spreading of SARS-CoV-2.^[1],^[2] Marinomed is the holder of the IP rights and has licensed Carragelose® for marketing in Europe, North America, Australia, and parts of Asia and Latin America. Marinomed’s portfolio of Carragelose®-containing nasal sprays and oral products can be accessed at https://www.carragelose.com/en/portfolio/launched-products, scientific publications on Carragelose® at https://www.carragelose.com/en/publications.

About Marinomed Biotech AG

Marinomed Biotech AG is an Austrian, science-based biotech company with a growing development pipeline and globally marketed therapeutics. The Company develops innovative patent-protected products in the therapeutic areas immunology and virology based on the platform Marinosolv® and the virus-blocking activity of Carragelose®. The Marinosolv® technology improves the solubility and bioavailability of hardly soluble compounds and is used to develop new therapeutics for autoreactive immune disorders. The virology segment includes Carragelose®-based over-the-counter (OTC) products to prevent and treat respiratory viral infections that are partnered in more than 40 countries. The Company is headquartered in Korneuburg, Austria, and is listed on the prime market of the Vienna Stock Exchange (VSE:MARI). For further information, please visit: https://www.marinomed.com.

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Disclaimer

This press release contains forward-looking statements, which are based on current views, expectations and projections of the management of Marinomed Biotech AG about future events. These forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. The current views, expectations and projections of the management of Marinomed Biotech AG may be identified by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project” and “target”. Forward-looking statements are only valid as of the date they are made and Marinomed Biotech AG does not assume any obligation to update, review or revise any forward-looking statements contained in this press release whether as a result of new information, future developments or otherwise. Marinomed, Marinosolv® and Carragelose® are registered trademarks of Marinomed Biotech AG. These trademarks may be owned or licensed in select locations only.

^[1]  https://www.dovepress.com/efficacy-of-a-nasal-spray-containing-iota-carrageenan-in-the-postexpos-peer-reviewed-fulltext-article-IJGM

^[2]  https://www.marinomed.com/en/news/marinomed-biotech-ag-shares-positive-clinical-trial-results-for-iota-carrageenan-nasal-spray-in-the-prevention-of-covid-19-1

18.12.2023 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com