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.