Marinomed Biotech will receive €15m to develop two proprietary technologies. The European Investment Bank (EIB) is providing the funding, backed by a guarantee from the European Fund for Strategic Investments (EFSI).
The Vienna-based biopharmaceutical company develops innovative therapies for allergy, respiratory and eye diseases, with a pipeline of projects based on two technologies. These two technologies, at the heart of the loan, are the Carragelose and Marinosolv platforms.
- The Marinosolv platform increases the efficacy of hardly soluble compounds for the treatment of sensitive tissues such as the eyes and nose. It includes a drug delivery solution for indications in Allergic Rhinitis (such as hay fever) and allergic Conjunctivitis and Dry Eye.
- A Phase III clinical trial for Marinosolv lead product, Budesolv, is underway, with results are expected to be published by the end of the second quarter of 2019.
- The Carragelose platform comprises patent-protected products targeting viral infections of the respiratory tract. It is used in nasal sprays, throat sprays and lozenges.
Jyrki Katainen, EIB’s VP of Jobs, Growth, Investment and Competitiveness, said this agreement proves once again that innovation and improved healthcare go hand in hand.
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.”
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.