Medincell: a 'new era' after a 'pivotal' 2023

(CercleFinance.com) - Medincell announced on Monday that the anticipated ramp-up in royalties and revenues from its partnership with Teva should generate net profits to fuel its sustainable growth.


On presenting its FY 2023 results, the biopharmaceutical company said it had entered "a new era", demonstrating its ability to develop technologies enabling the creation of innovative treatments.

The company describes 2023 as a "pivotal" year, marked by the approval in the USA of Uzedy, its schizophrenia treatment developed with Teva, and the success of its commercial launch.

Olanzapine, its second antipsychotic developed with Teva, has also entered phase 3 clinical trials.

At end-2023, Medincell estimated that it had cash of E19.5m, which does not take into account the receipt of E32.5m relating to its collaboration agreement with AbbVie.

In addition, the company claims to have limited its operating cash burn to E11.9m last year, down 43%.

The share price, up 100% YTD, dropped more than 4% on Monday morning in the wake of this publication.


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