Marinomed Biotech AG Announces Financial Reorganization Plan

Marinomed Biotech AG has announced plans to initiate restructuring proceedings without self-administration at the Korneuburg regional court. This move comes as the company faces imminent insolvency due to a failure in securing necessary liquidity and unmet revenue expectations for 2024. The planned restructuring aims to ensure long-term financial stability in agreement with creditors.

CEO Andreas Grassauer highlighted that this step is viewed as the best opportunity to maintain business continuity and commercialize innovative products. CFO Pascal Schmidt expressed confidence in achieving financial stability with remaining cash, anticipated inflows from current partnerships, and advanced negotiations with potential investors.

The restructuring plan will be submitted as part of the application, with the goal of continuous operations throughout the process. Marinomed employs around 50 people at its Korneuburg site and recorded revenues of €9 million in 2023, against liabilities totaling €25 million.

Due to recent developments, the company has deferred its half-year financial report for 2024, originally scheduled for August 20. Stakeholders and the public will be regularly updated on the situation.