MONTPELLIER, France--(BUSINESS WIRE)--Regulatory News:
The EIB lent MedinCell (Paris:MEDCL) with 20 M€ in three tranches. The first was paid in March 2018. The conditions for the second one of 7.5 M€ were met. The third tranche of 5.0 M€ is still available under conditions.
Strengthened financial visibility
As a reminder, MedinCell had as of March 31, 2019:
• 21.3 M€ in cash and cash equivalents + 0.7 M€ in short-term investments
• 3.9 M€ in non-current financial assets
To which are added:
• 7,5 M€ from the second tranche received today
• 5 M€ drawable under conditions from the EIB loan
• revenues from existing partnerships and the Research Tax Credit
These amounts are to be put into perspective with the cash consumption related to the activity which as a reminder was 15.9 M€ for the 2018/2019 financial year.
MedinCell is a pharmaceutical company that develops a portfolio of long-acting injectable products in various therapeutic areas by combining its proprietary BEPO® technology with active ingredients already known and marketed. Through the controlled and extended release of the active pharmaceutical ingredient, MedinCell makes medical treatments more efficient, particularly thanks to improved compliance, i.e. compliance with medical prescriptions, and to a significant reduction in the quantity of medication required as part of a one-off or chronic treatment. The BEPO® technology makes it possible to control and guarantee the regular delivery of a drug at the optimal therapeutic dose for several days, weeks or months starting from the subcutaneous or local injection of a simple deposit of a few millimeters, fully bioresorbable. Based in Montpellier, MedinCell currently employs more than 130 people representing over 25 different nationalities.