Marinomed receives € 6 M with final tranche of financing agreement with EIB to invest in proprietary R&D pipeline

Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with globally marketed therapeutics derived from innovative proprietary technology platforms, today announced it has received the final tranche of its financing agreement with the European Investment Bank (EIB). The agreement originally was signed in February 2019 for a total of € 15 m, the company said on its press release.

“With the EIB financing, we have been able to foster our growth and make important progress in both segments, Carragelose and Marinosolv. We are proud to have achieved all development and revenue milestones defined in the original agreement three years ago,” Pascal Schmidt, CFO of Marinomed, said. “These last proceeds of € 6 m secure the further development of therapeutics generated with our Marinosolv technology, which will be one of the key value drivers for our long-term growth.”

The loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the core of the Juncker Investment Plan for Europe, under which the EIB and the European Commission work together as strategic partners. The investment plan’s mission is to boost the competitiveness of the European economy and help promising small and midsize companies to grow, the company said.