MONTPELLIER, France, July 31, 2023–(BUSINESS WIRE)–Regulatory News:
MedinCell (Paris:MEDCL):
The drawdown of this last tranche of a 40 million euros total loan signed with the EIB in November 2022 was conditioned by US FDA’s approval of UZEDY™, obtained on April 28, 2023.
“The European Investment Bank is a strategic partner standing by our side for many years,” said Jaime Arango, Chief Financial Officer of MedinCell. “Our available cash allows us to move forward our portfolio development and our R&D activities. Additionally, we will now receive royalties’ revenues from UZEDY sales. These could cover our operational expenses as soon as 2025.”
In parallel with the disbursement of this tranche of 10 million euros and in accordance with the terms of the credit agreement, Medincell has issued 313,607 share subscription warrants (BSA) for the benefit of the EIB.
Details of the financing agreement with the EIB are available in the press release of November 23, 2022 and in the Universal registration document published on July 31, 2023.
About Medincell
Medincell is a commercial-stage technology pharmaceutical company developing long-acting injectable drugs in many therapeutic areas. Our innovative treatments aim to guarantee compliance with medical prescriptions, to improve the effectiveness and accessibility of medicines, and to reduce their environmental footprint. They combine already known and used active ingredients with our proprietary BEPO® technology which controls the delivery of a drug at a therapeutic level for several days, weeks or months from the subcutaneous or local injection of a simple deposit of a few millimeters, entirely bioresorbable. The first treatment based on BEPO technology, intended for the treatment of schizophrenia, was approved by the FDA in April 2023, and is now distributed in the United States by Teva under the name UZEDY™ (BEPO technology is licensed to Teva under the name Steadite™).
We collaborate with leading pharmaceutical companies and foundations to improve global health through new treatment options. Based in Montpellier, Medincell currently employs more than 140 people representing more than 25 different nationalities.
UZEDY™ and Steadite™ are trademarks of Teva Pharmaceuticals
This press release contains forward-looking statements, including statements regarding Company’s expectations for (i) the timing, progress and outcome of its clinical trials; (ii) the clinical benefits and competitive positioning of its product candidates; (iii) its ability to obtain regulatory approvals, commence commercial production and achieve market penetration and sales; (iv) its future product portfolio; (v) its future partnering arrangements; (vi) its future capital needs, capital expenditure plans and ability to obtain funding; and (vii) prospective financial matters regarding our business. Although the Company believes that its expectations are based on reasonable assumptions, any statements other than statements of historical facts that may be contained in this press release relating to future events are forward-looking statements and subject to change without notice, factors beyond the Company’s control and the Company’s financial capabilities.
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Contacts
Medincell
David Heuze
Head of Communications
[email protected]
+33 (0)6 83 25 21 86
Newcap
Louis-Victor Delouvrier/Alban Dufumier
Investor Relations
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+33 (0)1 44 71 94 94
NewCap
Nicolas Merigeau
Media Relations
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+33 (0)1 44 71 94 94
