EQS-News: Marinomed Biotech AG: Requirements for successful completion of the restructuring proceedings achieved
EQS-News: Marinomed Biotech AG: Requirements for successful completion of the restructuring proceedings achieved
EQS-News: Marinomed Biotech AG / Key word(s): Restructure of
Company/Insolvency
Marinomed Biotech AG: Requirements for successful completion of the
restructuring proceedings achieved
17.12.2024 / 13:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Marinomed Biotech AG: Requirements for successful completion of the
restructuring proceedings achieved
• Funds deposited for cash quota and to cover legal costs
• European Investment Bank (EIB) agrees to standstill declaration
• Implementation of the restructuring plan and the Company’s sustainable
continued existence are to be secured by the sale of the Carragelose
business
Korneuburg, Austria, 17. December 2024 – Marinomed Biotech AG (VSE:MARI)
announces that all necessary conditions for the completion of the ongoing
restructuring proceedings without self-administration have been met. The
funds for the cash quota and for the costs of the proceedings have been
deposited with the insolvency administrator. Within the next two weeks,
the creditors‘ cash quotas will be paid out from these funds. In addition,
a standstill agreement has been concluded with the EIB for the payment of
the cash quota until the end of April 2025. The standstill was necessary
because Marinomed will only receive the first partial payment from the
sale of the Carragelose business after the closing. This can take up to
three months. All requirements have thus been met to end the restructuring
proceedings and the administration by the insolvency administrator.
At the final court hearing on November 14, 2024, all present creditors
approved the submitted restructuring plan. The plan provides for a quota
of 30% payable within the next two years. If milestone payments from the
sale of the Carragelose business exceed planned revenues during this
period, a super quota of up to 7% will be distributed. As reported
previously, Marinomed has also entered into an agreement with the EIB for
the planned issue of a convertible bond in the amount of kEUR 424.
A key element of the fulfillment of the restructuring plan is the already
signed sale of the Carragelose business to Unither Pharmaceuticals. The
closing of the transaction is, among other things, subject to shareholder
approval. The approval is expected to be obtained at an extraordinary
general meeting on December 19, 2024. Furthermore, the sale is intended to
finance ongoing operations and the commercialization of the Marinosolv
projects. Necessary funds have been secured through cost saving measures,
the execution of two capital increases, the issuance of the convertible
bond to the EIB and cash flow from operating activities.
“We have experienced very challenging months. Despite the difficulties, we
have been able to develop a restructuring plan that provides an acceptable
solution for our creditors and ensures the stable financing of the
Company. The two capital increases that have been carried out are also
significant for securing our cash situation. We are grateful for the
continued support and trust placed in us,” says Andreas Grassauer, CEO of
Marinomed.
“The proceeds of up to EUR 20 million from the sale of the Carragelose
business are sufficient to finance the restructuring plan, the
commercialization of the Marinosolv projects and the further development
of the Solv4U unit. With this sale, we are therefore laying the foundation
for the long-term positive development of the Company,” adds Pascal
Schmidt, CFO of Marinomed.
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 Vienna Stock Exchange
(VSE:MARI). For further information, please visit:
[1] https://www.marinomed.com.
For further inquiries contact:
Marinomed Biotech AG
PR & IR: Lucia Ziegler
T: +43 2262 90300 158
E-Mail: [2]pr@marinomed.com
E-Mail: [3]ir@marinomed.com
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.
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17.12.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Marinomed Biotech AG
Hovengasse 25
2100 Korneuburg
Austria
Phone: +43 2262 90300
E-mail: office@marinomed.com
Internet: www.marinomed.com
ISIN: ATMARINOMED6
WKN: A2N9MM
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange
(Official Market)
EQS News ID: 2052263
End of News EQS News Service
2052263 17.12.2024 CET/CEST
References
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2. pr@marinomed.com
3. ir@marinomed.com
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