MedinCell receives $19 million grant for its mdc-WWM program

French company MedinCell and the Bill & Melinda Gates Foundation have signed an agreement for up to an additional $19 million to be granted over four years. It aims to fund preclinical activities and a Phase I clinical trial for the injectable six-month bioresorbable contraceptive (mdc-WWM).

The grant is structured in advanced installments to cover the costs that will be incurred by the project. Depending on the options chosen and on the advancement of the program, up to $11.75 million could be raised over the next 12 months including a first tranche of $4.75 million to be paid immediately. The additional $7.25 million may be collected later.

As a reminder, a previous grant of $3.5 million was awarded in November 2017 by the Gates Foundation to fund the formulation research phase. Full results should make it possible to select the candidate formulation.