- Vienna-headquartered biopharmaceutical company will use funds for R&D
- Financing provided under Investment Plan for Europe, or Juncker Plan
The European Investment Bank (EIB) is providing EUR 15m to Marinomed Biotech AG, a Vienna-based biopharmaceutical company developing innovative therapies for allergy, respiratory and eye diseases. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe – also known as the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.
Marinomed has developed an advanced R&D portfolio and pipeline of products, based on two proprietary technologies – the Carragelose® and Marinosolv® platforms. The EIB’s financing will support the development of Marinomed’s two platforms. The most advanced clinical programmes under the Marinosolv® platform include an innovative drug delivery solution for indications in allergic Rhinitis (i.e. hay fever) and allergic Conjunctivitis and Dry Eye. The pivotal Phase III clinical trial for Marinosolv® lead product Budesolv was initiated as planned in January. The results are expected to be published by the end of the second quarter of 2019.
Andrew McDowell, EIB Vice-President responsible for financing in Austria, said: “With our higher-risk financing to Marinomed we are addressing a market gap of non-dilutive long-term growth capital for highly innovative SMEs. Marinomed can now fully focus on growing its business. This is an excellent example of the value added that the Investment Plan for Europe provides for young and innovative business. We bring together EIB funds and EU budget guarantees to work on deals that otherwise wouldn’t have been financed by the EU bank in the same advantageous way.”
Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “I welcome this agreement under the Investment Plan, which proves once again that innovation and improved healthcare go hand in hand. Top-notch innovation will help European med-tech companies compete successfully in the global market. I want to congratulate Marinomed for seizing the opportunity offered by the Investment Plan and I hope many more Austrian innovative businesses will follow the example.”
Andreas Grassauer, CEO of Marinomed, commented: “With our innovative technology platform Marinosolv® we plan to enter the multi-billion dollar market for the treatment of allergies and eye diseases. We see the EIB’s support as further strong confirmation of the enormous medical and commercial potential of Marinosolv®. The EIB financing, together with the proceeds from the IPO, will enable us to accelerate our growth and to leverage the full potential of our platforms.”
The corresponding contracts were signed in Luxembourg on 25 February. The EIB funding will be paid to Marinomed in 2019-2022 and will be repayable in 2024-2027.
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.
©EIB
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