IPO: Marinomed sets offer price

According to the Austrian formulation specialist, 299,000 new bearer shares were placed with investors consisting of 260,000 shares from the base offer and a 39,000 shares due to over-allotments. If the greenshoe option is going to be fully excercised, gross proceeds would amount to €22.4m.

If all 1,299,000 shares – including full excercise of the greenshoe option – will be sold at €75/share, Marinomed would achieve a market capitalisation of about €97.4m. The free float is around 31% (thereof around 22% by from new investors in the IPO). In case all convertible bonds are converted to new shares of Marinomed Biotech AG, the free float increases to 39%. Marinomed shares are intended to be traded starting on 1 February under the symbol "MARI" on the official market of the Vienna Stock Exchange.

The company said it will use proceeds from the IPO to fund further commercialisation of products based on its proprietary Marinosolv^® formulation platform and the extension of its patented Carragelose^® OTC platform.

Marinosolv^® has been shown to improve the water solubility of hardly soluble organic compounds several hundred times. Marinosolv^® is the basis of two product candidates, the corticosteroid Budesolv and the immunomodulator Tacrosolv, which Marinomed expects to open up rapidly growing billion-dollar markets. Using the proceeds, Marinomed will push the pivotal Phase III study of Budesolv, Phase II and Phase III studies of Tacrosolv as well as the extension of its Carragelose^® OTC platform consisting of antiviral nose and throat sprays and lozenges marketed in more than 30 countries across the globe.

In November, Marinomed interrupted its IPO due to weak market conditions. Initially, the company targeted a price range of €75 to €90 per share.