Marinomed Biotech AG (VSE:MARI), an Austrian science-based biotech company with globally marketed therapeutics derived from innovative proprietary technology platforms, has secured EUR5.4 million in financing via a flexible Convertible Notes Funding Programme (CNFP) from the Swiss investment firm Nice & Green.
The flexible financing provided by this programme enables Marinomed to advance its scientific and clinical programs for its two proprietary assets, the virus blocking Carragelose technology and the Marinosolv platform for the solubilisation of pharmaceutical compounds.
Under the terms of the agreement, Marinomed Biotech AG is entitled to issue up to 18 tranches of zero-coupon convertible bonds of up to EUR300,000 per tranche during the contractual period of approximately 23 months. Nice & Green has committed to subscribe for those convertible notes and shall request the conversion into ordinary shares of the Company within a specific period after their issuance. As underlying for the CNFP serve up to 147,243 new no-par value bearer shares, which are available from the conditional capital approved by the Annual General Meeting on 17 June 2021.
In order to allow the issuance of the convertible notes (within the meaning of Section 174 of the Austrian Stock Corporation Act) under the CNFP exclusively to Nice & Green, the Executive Board, by resolution as of 04 October 2021, has made use of the authorisation granted by the Annual General Meeting of Shareholders of 17 June 2021 and excluded the subscription right, subject to the approval of the Supervisory Board.
The agreement between Nice & Green and Marinomed Biotech AG has a longer term mutually beneficial perspective: As part of the agreement, Nice & Green leverages its network to small- and mid-cap investors and commits to organizing investor webinars and non-deal roadshows in key European financial centers.
Pascal Schmidt, CFO of Marinomed, says: “We are excited about the potential of our technologies to improve treatments and prevent disease. This funding program provides us with high flexibility in advancing our ongoing and planned scientific and clinical programs and supports our corporate growth. Nice & Green have proven to be a long-term investor for several companies, and we warmly welcome them as our new investor and greatly appreciate their commitment and expertise.”
Benoit Villers, Managing Partner at Nice & Green, says: “As an independent investment firm, we are devoted to helping innovative small and mid-cap companies grow by providing them with tailored financing programs. We strongly believe in Marinomed’s equity story and are happy to invest in the further development of their novel therapeutics and technologies.”
