MedinCell Secures €10.9 Million Non-Dilutive Financing
MedinCell (Paris:MEDCL):
€10.9 million loan to increase the Company's financial visibility
Loan taken out with Banque Populaire du Sud and BNP Paribas in the form of PGE
Annual results for the FY ended March 31, 2020 will be published on June 4, 2020, after market close. As a reminder, a dedicated videoconference will be held at this occasion on Thursday, June 4:
- 6.30 pm CEST – Presentation and Q&A in French
- 7.30 pm CEST – Presentation and Q&A in English
- Link to connect (only via internet): invest.medincell.com/conference
"We have maintained all operations related to strategic research and development programs since the beginning of the Coronavirus crisis, but other activities have been delayed," said Jaime Arango, Chief Financial Officer of MedinCell.
"Thanks to our partner banks who quickly mobilized to grant us this loan, we will be able to gradually return to normal activity level and advance as quickly as possible our Covid-19 program, which aims to develop a preventive treatment against the virus (prophylaxis)."
"The second half of the year should be rich for MedinCell, with potential milestones for several products based on our BEPO® technology currently in clinical studies. "
The loan is structured as a PGE (State Guaranteed Loan) with an initial maturity of 12 months at a 0,25% rate and an option for up to 5 years extension.
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