(CercleFinance.com) – MedinCell announced this evening that it had received the last €10 million installment of the loan from the European Investment Bank (EIB).
The drawing of this last tranche of a total loan of 40 million euros signed with the EIB in November 2022 was conditional on the approval by the American FDA of UZEDY™, obtained on April 28, 2023.
“Our available cash allows us to advance the development of our portfolio and our research and development activities. In addition, we will now collect royalties on UZEDY sales. These could cover our operational expenses as early as 2025,” said MedinCell CFO Jaime Arango.
In parallel with the collection of this tranche of 10 million euros and in accordance with the terms of the credit agreement, MedinCell issued 313,607 share subscription warrants (BSA) for the benefit of the EIB.
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