Income from ordinary activities: €8.3 million
Operating expenses: €32.2 million, of which 73% is devoted to Research & Development
Cash consumption from operations: €21.4 million
Available cash on March 31, 2022: €24.6 million in cash + €2.6 million in non-risky financial assets
Estimated financial visibility until Q3 2023 > Ongoing negotiations to significantly extend this visibility through non-dilutive transactions
Outlook for 2022-23: while maintaining the momentum of its R&D activities, the Company anticipates a significant decrease in cash consumption
The year ending on March 31, 2022 was mainly marked by the filing of the New Drug Application (NDA) in the US for the first product based on MedinCell’s technology. Commercialization is expected in H1 2023.
The operations carried out during the year by our partners should also lead to a decision regarding the start of the Phase 3 study for mdc-TJK. Additionally, we anticipate the initiation by our partner in H2 2022 of a 150 patients efficacy and safety study of mdc-CWM based upon discussion and agreement with the FDA.
The activities carried out directly by MedinCell’s teams included:
• Support to our partners (Teva Pharmaceuticals, AiC, Gates Foundation, Unitaid) in the development of their programs,
• the start of regulatory toxicology studies for mdc-GRT (organ transplantation) and mdc-WWM (contraception) and the preparation of those for mdc-STM (malaria); the preparation of pivotal studies for mdc-KPT (animal health, pain); the start of oral Phase 2 for mdc-TTG (Covid-19),
• the exploration and start of new collaborations,
• the extension of the BEPO® technology versatility.
The Company maintained a high level of ESG performance during the financial year, and started new initiatives aimed at ensuring the positive impact of its activity (the 2022 ESG report will be published shortly).