MONTPELLIER, France--(BUSINESS WIRE)--The approval obtained by the EIB is for a new credit facility of 40 million euros
The new credit facility foresees that MedinCell repays in anticipation a previous 20 million euros loan signed in 2018 with the EIB
30 million euros of the credit facility could be drawn in Q4 2022, and the disbursement of the remaining 10 million euros is subject to conditions that are expected to be met in 2023
Each tranche of the new credit facility will be reimbursed 5 years after drawdown
The signature of the new EIB credit facility is expected in a few weeks after finalization of the legal documentation
New EIB financing extends MedinCell’s cash visibility until at least the first quarter 2024
As the commercialization of the first treatment based on MedinCell’s breakthrough technology is expected in 2023, the European Investment Bank reiterates its support to the French company with a new financing package of 40 million euros.
MedinCell is a pharmaceutical company at premarketing stage 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. MedinCell collaborate with tier one pharmaceuticals companies and foundations to improve Global Health through new therapeutic options. Based in Montpellier, MedinCell currently employs more than 150 people representing over 30 different nationalities.