Marinomed Biotech ends 2020 with record increase in revenues

January 29, 2021 Off By Dino Mustafić

Marinomed Biotech has announced record preliminary revenues for 2020 and confirms its financial outlook after posting an increase in sales, with net-loss for the year.

The company closed the year with revenues of € 8.1 m (2019: € 6.1 m), an all-time high and an increase of 33%, a gain of 55% compared to 2019’s revenues adjusted for an extraordinary effect from a licensing contract (2019 adjusted: € 5.2 m), it said. According to its press release, the comparison reflects the effect of the strong demand for the Carragelose-based antiviral portfolio driven by the SARS-CoV-2 pandemic.

Andreas Grassauer, Chief Executive Officer of Marinomed reflected on the pandemic, saying it demands extra effort in time and resources for some of the companies activities. He said the company is on track with the development and clinical program for Marinosolv, plus two ongoing Phase IV clinical trials to further investigate the potential of Carragelose in the prevention and treatment of COVID-19.

“We look forward to these clinical results and are very encouraged to also see an increasing number of academic publications from third parties that confirm our previous findings with SARS-CoV-2. This strongly supports our expectations for positive trial outcomes which hopefully confirm that Carragelose could be one of the products that help to overcome the SARS-CoV-2 pandemic.”