Marinomed Biotech AG Secures Loan Repayment Deferral with European Investment Bank

Marinomed Biotech AG, a key player in the biotech arena, has successfully negotiated an agreement with the European Investment Bank (EIB) for an 18-month deferral on the repayment of its 2019 venture loan. The company, based in Korneuburg, Austria, emphasizes that the agreement mandates no changes to the interest rates, ensuring financial stability while it continues to progress in product development within virology and immunology.

This strategic financial maneuver will see the repayment terms of the initial tranche of the loan extended from October 2024 to April 2026, with similar extensions applied to the subsequent tranches. Parallel to this, Marinomed has also secured a suspension of capital repayments from its real estate lenders for the same duration, highlighting a consolidated effort to support the company’s financial health.

Marinomed's CFO, Pascal Schmidt, highlighted this development as pivotal, allowing the firm to focus on bringing to market its innovative products, especially those from the Marinosolv platform, and expanding its Carragelose business. Schmidt's expression of gratitude towards the EIB reflects the productive relationship between the entity and the biotech firm, hinting at a confident outlook on achieving significant milestones and generating the necessary cash flows to meet their financial obligations.

The company's proactive approach in solidifying additional partnerships and expanding its commercial footprint illustrates a comprehensive strategy to leverage its current successes for sustainable growth and impact within the biotech industry.