MedinCell signs new 40 million-euro loan agreement with EIB
French pharma company MedinCell (EPA: MEDCL) has signed a new 40 million-euro ($41.6 million) loan agreement with the European Investment Bank (EIB), backed by the Investment Plan for Europe.
The financing is intended to support the development of the company’s portfolio of innovative treatments. MedinCell’s portfolio is already composed of several long-active injectable products at pre-clinical and clinical stage. A first product using MedinCell’s BEPO technology is expected to reach the US market in the first half of 2023.
The product is mdc-IRM, a risperidone subcutaneous long-acting injectable (LAI) for the maintenance treatment of schizophrenia. This has been licensed to Israel-based Teva Pharmaceutical Industries which, upon US regulatory approval, will market the drug under the trade name Uzedy. MedinCell is potentially eligible for development and commercial milestones (up to $122 million), and royalties on net sales.
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