23. January 2019
Marinomed: Partnership in China and EIB Financing
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE PROHIBITED BY APPLICABLE LAW. PLEASE SEE ALSO THE IMPORTANT LEGAL NOTICE AT THE END OF THIS ANNOUNCEMENT.
Marinomed: Partnership in China and EIB Financing
Vienna, 21 January 2019. Marinomed Biotech AG, an established biopharmaceutical company creating innovative therapies for allergy, respiratory and eye diseases, achieved significant strategic milestones and operational success in the first weeks of 2019.
For the Marinosolv® technology platform, Marinomed succeeded in finding a strategic partner for the important Chinese market at a very early development stage. Link Health Pharma Co., Ltd, a leading drug development company with presence in Guangzhou, China and Amsterdam, the Netherlands, will take over the registration and distribution of Marinosolv® products in China. A corresponding term sheet has already been signed and includes an upfront payment of EUR 3m to Marinomed as well as milestone payments in the low double- digit million Euro range per product. Link Health will obtain licenses for the products from Marinomed, with the IPs remaining with Marinomed. Furthermore, Link Health will set up the Marinosolv® technology platform in China to perform laboratory scale feasibility studies for new products.
The European Investment Bank (EIB) also approved a research project applied from Marinomed. This will provide the company with additional funds totalling EUR 15m for research and development, which will be paid in 2019-2022 and will be repayable between 2024-2027. The corresponding contracts are currently being prepared.
The pivotal Phase III clinical trial for Marinosolv® lead product Budesolv was initiated as planned in January and 82 patients received their first treatment. The results are expected to be published by the end of the second quarter of 2019.
Andreas Grassauer, CEO of Marinomed: “With our innovative technology platform Marinosolv® we plan to enter the multi-billion dollar market for the treatment of allergies and eye diseases. The latest clinical and commercial milestones show that we are very well on track. We see the first partnership in China as a confirmation of the enormous medical and commercial potential of Marinosolv®, which we will now rapidly develop further.”
Expansion of the Carragelose® sales network
The Carragelose® platform, which has proven its potential as first causative treatment against common cold and flu-like diseases, paved the way for entry into new markets and additional product launches in existing markets.
Additional products from the Carragelose® portfolio were approved in Canada, South Africa, Tanzania and Kenya and are expected to be launched during 2019. The sales cooperation with Mundipharma, one of Marinomed’s major distribution partners, was expanded by further 13 countries, mainly in the Middle East. Product launches in Turkey and Israel are planned for these countries before the end of this year, with further countries being added. Extensive marketing activities are to be launched in Saudi Arabia.
From today’s perspective, Marinomed expects the expansion of sales cooperations and planned product launches to result in continued good order and company development. In addition, the first quarter of 2019 will benefit from capacity-related postponements of orders from December 2018, so that sales are expected to be at the level of the very strong prior- year quarter. According to preliminary figures, Marinomed generated sales of around EUR 4.7m in 2018.
Marinomed continues to carry forward its IPO plans depending on the capital market environment. When the transaction is resumed, Erste Group will act as Global Coordinator and Bookrunner and goetzpartners securities as Co-Lead Manager.
About Marinomed Biotech AG
Marinomed Biotech AG 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.
This announcement does not constitute an offer to purchase securities or solicitation of an offer to purchase securities in the United States of America, Germany, Austria or other jurisdictions. The shares (the “Shares”) of Marinomed Biotech AG (the “Company”) may only be sold or offered for sale after prior registration in the United States of America upon or without prior registration by virtue of an exemption from the registration requirement under the provisions of the US Securities Act of 1933, as amended. The Company does not intend to fully or partially register any offer of Shares in the United States or to make any public offering of Shares in the United States.
A public offering of securities of the Company in Austria is made solely by, and on the basis of, a prospectus (including the supplements thereto) for securities prepared and published in accordance with the provisions of the Capital Markets Act (Kapitalmarktgesetz), which was approved and published on 16 November 2018. An investment decision regarding publicly offered securities of the Company should only be made on the basis of such a prospectus. Any purchase orders relating to securities of the Company received prior to the resumption of the public offering will be rejected. The prospectus as well as the supplements thereto are available free of charge at Marinomed Biotech AG, Veterinärplatz 1, A-1210 Vienna, or on the website of Marinomed Biotech AG (https://www.marinomed.com/offering).
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 speak only as of the date they are made and Marinomed Biotech AG does not assume any obligation to update, review or revise any forward-looking statement contained in this press release whether as a result of new information, future developments or otherwise.