MedinCell completes $35m capital increase

The company recently began regulatory development for three injectable treatments

MedinCell has announced the completion of its $36.14m capital increase via a placement with French and international investors through an accelerated book building process.

Buoyed by interest during the book building process, MedinCell says, the capital increase was priced at a discount of 8% to the closing price of the company’s shares on the Euronext Paris regulated market on February 10, 2021 and accounted for 10.9% of the company’s share capital through the issuance of 2.414.255 shares.

“We are sincerely grateful to all the investors who have again placed their trust in us and to those who have just joined us. We have completed with great success a capital increase on what we regard as highly favorable terms, with a small discount respecting the interests of all our shareholders”, said Christophe Douat, CEO of MedinCell. “We are excited about continuing to expand and ramp up our portfolio and further developing our people-centric pharma model that aims at having a real impact on patient health around the world.”

“These new resources will boost our solid cash position, which amounted to €27.5 million at September 30, 2020, and provide a major opportunity to step up the pace of our development ventures,” added Jaime Arango, CFO of MedinCell. “They will cover the Company’s funding requirements out to mid-2023.”