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][email protected] 
   E-Mail: [3][email protected]

   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:      [email protected]
   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. mailto:[email protected]
   3. mailto:[email protected]

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