MedinCell Announces Fiscal Year Consolidated Results

MONTPELLIER, France--(BUSINESS WIRE)--Strong consolidated financial position as at March 31, 2020 and strengthened since year-end

• 12.4 M€ in cash and cash equivalents
• 3.6 M€ of risk-free financial assets (0.4 M€ current + 3.3 M€ non-current)
• 10.9 M€ of additional non-dilutive financing (PGE) -Post-closing
• 3.1 M€ of CIR collected in May 2020 - Post closing
• 5.0 M€ to be received from the EIB under conditions

Consolidated financial results:

• Income from ordinary activities: 6.O M€ (+48% compared to the previous year)
• Cash consumption linked to the activity: 12.5 M€ (in line with expectations)

Evolution of the product portfolio in line with expectations

• Progress in clinical development: Phase 3 of mdc-IRM (antipsychotic), led and funded by Teva Pharmaceuticals and mdc-CWM (post-operative pain and inflammation), funded by AIC
• A third product in clinical development: start of Phase 1 of the mdc-TJK (antipsychotic) product led and financed by Teva Pharmaceuticals
• Two new products in regulatory preclinical studies: mdc-ANG (antipsychotic) and mdc-WWM (contraception), the latter benefiting from a new four-year 19 M$ grant from the Bill & Melinda Gates Foundation
• Three programs close to formulation selection that paves the way for preclinical development: mdc-GRT (organ transplantation), mdc-NVA (pain) and mdc-KPT (animal health)

• New program launches:
  • mdc-STM: formulation of a 3-month active injectable of Ivermectin to neutralize the vector of malaria transmission, the program received a 6.4 M$ grant over three years from Unitaid
  • mdc-STG: new internal program in formulation
  • Feasibility study of an injectable long-acting HIV prevention treatment (PrEP) funded by the Gates Foundation

Significant post-closing events related to the product portfolio:

• Recruitment completed for the mdc-IRM Phase 3 clinical study, interim analysis expected before the end of 2020
• Completion of the mdc-CWM Phase 2 clinical study, Phase 3 is scheduled to begin by the end of 2020
• Launch of a research program for Covid-19 prevention (prophylaxis)

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