MedinCell and EIB today announced the execution of the new credit facility of 40 million euros following the previous communication of Sept. 5th
Under the agreement, MedinCell will repay immediately to EIB a previous 20 million euros loan and associated capitalized interest
Extension of cash visibility (excluding potential additional revenue from partners):
• 30 million euros of the credit facility drawable in Q4 2022
• Disbursement of remaining 10 million euros that is conditioned to approval by U.S. FDA of the first product based on MedinCell technology expected in H1 2023, will extend cash visibility until at least Q1 2024
Each tranche of the new credit facility will be reimbursed 5 years after drawdown
