According to the credit protection association KSV1870, Viennese lawyer Ulla Reisch was appointed insolvency administrator.
The restructuring plan is also intended to provide for “proceeds from the realization of strategic options for the Carragelose business,” according to a statement from the company on Tuesday evening. Whether this will involve the sale of business units or partnerships was not specified.
Sales decline by one fifth in the previous year
The planned publication of the half-year financial statements on August 20, 2024 will be postponed. In the previous year, Marinomed’s sales fell by a fifth and a loss of EUR 6.8 million was recorded. In the first quarter of 2024, sales fell again from EUR 3.3 million to EUR 0.7 million, and the loss amounted to EUR 2.1 million.
Among other things, Marinomed offers nasal sprays based on red algae that are intended to protect against viral infections. The company was founded in 2006 as a spin-off of the University of Veterinary Medicine in Vienna and went public in 2019. In 2023, Marinomed had around 50 employees.
Around 60 percent of Marinomed shares are in free float. In addition to the founders, who still hold a good quarter of the shares, Saudi investors also hold 10 percent. LLB Invest Kapitalanlagegesellschaft mbH of the Liechtensteinische Landesbank holds a further 5 percent. The former SPÖ politician and Siemens board member Brigitte Ederer is deputy chair of the supervisory board.
This article was last updated on August 14 at 3:49 p.m.