After sales increased by half, the loss after nine months fell to 4.8 million euros.
Marinomed CEO Andreas Grassauer.
The Austrian biotech company Marinomed sees itself as benefiting from the fear of viruses in the corona pandemic, at least in terms of sales. Its virus blockers sold particularly well. In the first three quarters sales rose by 53 percent to 5.1 million euros, in the third quarter alone by 68 percent.
However, high research and development costs continue to generate losses. By the end of September 2020, however, they were lower than the year before.
The nine-month result improved to EUR -4.8 million after EUR -6.2 million in the same period of the previous year. The driving force behind the development is the Marinomed product Carragelose, which, according to laboratory findings, is effective against numerous respiratory viruses and also neutralizes the new SARS-CoV-2 virus. Clinical studies on this should now prove this.
Should a planned Phase IV clinical trial of clinical staff caring for patients with COVID-19 show that preventive treatment with carragelose can reduce symptoms of SARS-CoV-2 infection and other viral respiratory diseases, additional revenue opportunities would arise surrender.
In line with the positive development, Marinomed's outlook is also positive. Thanks to the good order situation, a strong sales development can be expected. This year, however, there will continue to be losses, and then gains in the “medium term”.
