MedinCell has Received the Last Tranche of €10m from the European Investment Bank (EIB) Loan

MONTPELLIER, France--(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

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