Korneuburg biotech company Marinemed goes bankrupt

The listed pharmaceutical company has applied for judicial restructuring procedures without self-administration. The publication of the half-yearly financial statements has been postponed.

Following a decline in sales in the previous year and in the first quarter of this year, the listed pharmaceutical company Korneuburg Marinemed has been unable to secure financing for its payment obligations and has now filed for judicial restructuring procedures without self-administration. The company announced this late Tuesday evening.

The restructuring plan should provide, among other things, for “proceeds from the realization of strategic options for Karagöz’s business,” according to the statement. It was not specified whether this would include the sale of business units or partnerships.

The scheduled publication of the half-yearly financial statements on 20 August 2024 will be postponed. In the previous year, Marinomed sales fell by a fifth and a loss of €6.8 million was recorded. In the first quarter of 2024, sales fell again from €3.3 million to €0.7 million, and the loss amounted to €2.1 million.

Marinomed offers, among other things, nasal sprays based on red algae, which are intended to protect against viral infections. (APA)