MedinCell Receives €4 Million in Funding from Bpifrance and within the Framework of the French Recovery Plan (Plan France Relance)
- €3 million loan for the development of a long-acting ivermectin-based drug designed to protect against Covid-19 and its variants for several weeks (mdc-TTG program)
- €1 million grant from the French Ministry of Industry's call for project “Resilience”, which is part of the France Recovery Plan, for its new laboratory at the Jacou site, France
MONTPELLIER, France--(BUSINESS WIRE)--Regulatory News:
“Bpifrance is a long-standing partner of our company”, said Jaime Arango, CFO of MedinCell. “It has already provided financial support for several of our projects, as it is doing today with our Covid-19 research program, which aims to develop a protective treatment against the virus and its variants.
Bpifrance is also supporting the company's overall growth by supporting the investments needed to expand and advance our portfolio, which will result in increased activity at our Jacou site."
"We are delighted to renew our confidence in MedinCell and to support its growth through a €3 million loan, which will help finance its R&D work on high-potential technologies in the healthcare field," said Bpifrance.
> The company will provide an update on the development of its portfolio at the half-yearly results presentation on Wednesday, December 8, 2021
MedinCell is a clinical stage pharmaceutical company 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. Based in Montpellier, MedinCell currently employs more than 140 people representing over 25 different nationalities.
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