On Wednesday, MedinCell set itself the target of achieving operating profitability 'as soon as possible' and generating additional revenues through new partnerships, with a view to extending its cash visibility.

In the first half of its 2022/2023 financial year, which ended at the end of September, the biopharmaceutical company posted a net loss of 8.2 million euros, compared with a shortfall of 13.7 million euros in the first half of the previous financial year.

Revenues from ordinary activities rose by 6.1% to 8.2 million euros, including 3.6 million euros in milestone payments following FDA approval of Uzedy, its treatment for schizophrenia.

The company also claims to have received the first royalties of 0.6 million euros, calculated on Teva's net sales from mid-May to the end of September.

At September 30, MedinCell had cash and cash equivalents of €26.8 million, compared with €6.5 million at March 31.

The first results of its Phase 3 clinical trial on mdc-TJK, the second antipsychotic developed with Teva, are now expected as early as the second half of 2024.

Enrolment in the Phase 3 clinical trial for the mdc-CWM program in post-operative pain is nearing completion, with
efficacy results expected in the first quarter of 2024.

MedinCell shares, listed on the Paris Bourse, were down by more than 4% on Wednesday morning following these announcements.

Copyright (c) 2023 CercleFinance.com. All rights reserved.