The drawdown of this last tranche of a 40 million euros total loan signed with the EIB in November 2022 was conditioned by US FDA’s approval of UZEDY™, obtained on April 28, 2023.
“The European Investment Bank is a strategic partner standing by our side for many years,” said Jaime Arango, Chief Financial Officer of MedinCell. “Our available cash allows us to move forward our portfolio development and our R&D activities. Additionally, we will now receive royalties’ revenues from UZEDY sales. These could cover our operational expenses as soon as 2025.”
In parallel with the disbursement of this tranche of 10 million euros and in accordance with the terms of the credit agreement, Medincell has issued 313,607 share subscription warrants (BSA) for the benefit of the EIB. Details of the financing agreement with the EIB are available in the press release of November 23, 2022 and in the Universal registration document published on July 31, 2023.