During the visit of French Minister for European Affairs Nathalie Loiseau to MedinCell today, the European Investment Bank (EIB) reiterated its support for MedinCell in the follow-up to the EUR 20m loan signed recently between the EIB and this company specialising in controlled, long-acting injectable medical treatments.
The EIB financing operation
- The EUR 20m loan is enabling MedinCell to develop new controlled, long-acting injectable treatments to significantly enhance patient care and quality of life.
- It is backed by the EU guarantee under the Investment Plan for Europe, commonly known as the Juncker Plan, the key objectives of which include supporting innovative companies and helping their development in Europe. The financing structure put in place by the EIB has been tailored to the company’s specific needs.
The Memorandum of Understanding sealing the EU support was signed by EIB Vice-President Ambroise Fayolle, Chairman of MedinCell’s Supervisory Board Anh Nguyen and Chairman of MedinCell’s Management Board Christophe Douat in the presence of Minister for European Affairs at the French Ministry of Europe and Foreign Affairs Nathalie Loiseau and Member of Parliament for Hérault (3rd Constituency) Coralie Dubost.
This EU loan is helping to develop innovative treatments in various therapeutic fields to replace daily drug administration with a simple subcutaneous or local injection, thereby substantially enhancing patient care and quality of life. MedinCell has developed a technology called BEPO®, which helps to control and guarantee the correct delivery at optimal therapeutic dosage of an active ingredient for a number of days, weeks or months via a simple, fully bioresorbable depot. Used as an alternative to conventional drug administration methods, BEPO® technology is designed to address a number of major global healthcare challenges: more efficient treatment, improved treatment adherence and compliance by patients, and swift development at low manufacturing cost to improve accessibility to this treatment. Following the positive results of initial clinical trials conducted in the United States, MedinCell is now in Phase III of its most advanced products.
Chairman of MedinCell’s Management Board Christophe Douat said: “The EIB loan will help to broaden our product portfolio so that in the long term as many patients as possible can benefit from long-acting injectable treatments. We are proud to receive the European Union’s support: this is an acknowledgement of the ability of our team, the potential of our technology and the effectiveness of our business model, designed to have a real impact on healthcare worldwide.”
“The EIB is very pleased to be able to support MedinCell with its innovative projects that are resolutely geared to the future,” emphasised EIB Vice-President Ambroise Fayolle. “Innovation and support for innovative companies is one of our core priorities. Thanks to the EU guarantee under the Juncker Plan, we can offer optimum conditions for financing research, which is vital for the development of new medical treatments. In addition, this loan will have a major impact on accessibility, care and quality of life for patients in Europe.”
Minister for European Affairs Nathalie Loiseau remarked: “MedinCell is in many respects an excellent example of what the Juncker Plan is helping to achieve in the innovation sector in France. Innovation is at the heart of the Government’s European policy. If we want the European Union to remain a world leader, we have to provide the means. It is also this commitment that has galvanised us to create a European agency for breakthrough innovation and ask for an increase in EU resources dedicated to research and development.”
Since its launch three years ago, the Juncker Plan has been highly successful in Europe, even surpassing its objectives by mobilising EUR 335bn compared to the originally anticipated EUR 315bn. France is the largest beneficiary of the Juncker Plan with more than EUR 50bn of additional investment since mid-2015.
