Medincell Raises 48 Million Euros with a 10% Discount on Stock
Biotech company Medincell has completed a private placement of 48 million euros aimed at strengthening its technology platform for long-acting injectable treatments and accelerating the development of pharmaceutical partnerships. The operation attracted leading institutional investors such as Perceptive Advisors, Kurma Growth Opportunities Fund, Affinity Asset Advisors, and Polar Capital.
Medincell raised 48 million euros through the issuance of 2,370,000 new shares at a unit price of 20.35 euros, representing a 10% discount compared to the closing price on March 5, 2026 (22.64 euros). These new shares constitute 6.6% of the share capital after the transaction, compared to 7.1% before. The settlement-delivery and admission to trading on Euronext Paris are scheduled for March 10, 2026. The funds raised will enhance the company's financial flexibility and support its long-term growth strategy.
Allocation of Raised Funds
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Medincell will allocate the net proceeds from the placement to three major objectives: increasing partnership opportunities by generating high-value data, optimizing the financial terms of future agreements by favoring an increased share of royalties, and strengthening its LAI technology platform through targeted innovations. The company may also use the funds for general needs, including financing working capital and operating expenses. Medincell remains free to adjust these allocations according to the evolution of its strategic initiatives.
Post-Placement Share Distribution
Following the placement, Medincell's free float increases to 73.6% of the capital. Among the new entrants, Polar Capital now holds 5.5% of the capital (compared to 5.2% before). The company and members of the Board of Directors have signed 90-day holding commitments starting from March 5, 2026. Jefferies, Leerink Partners, Evercore ISI, and ODDO BHF coordinated the operation.
We are pleased with the company’s growth and momentum.
Total income €14,1 million; Revenues €11,6 million (+35 %); UZEDY® royalties €4,2 million; Operating result €(6,6) million (improved 13 % year-over-year); Net result €(16 078) thousand; Cash and low-risk financial investments €53,5 million (incl. €49,8 million cash and €3,7 million low-risk investments); Net financial debt €17 629 thousand; NDA for Olanzapine LAI submitted to FDA on December 9, 2025; AbbVie partnership advancing with regulatory package expected in 2026.
Risks mentioned
Foreign exchange risk: weakness of USD vs EUR impacted revenues and generated ~€1 million FX losses
Dependency on partner commercialization (Teva) for UZEDY® royalties and sales forecasts
Regulatory risk: approvals (e.g., Olanzapine LAI) and acceptance for review uncertain
Financial volatility linked to fair value revaluation of EIB BSA warrants (non-cash €6,8 million impact)
Opportunities identified
Olanzapine LAI: NDA submitted and potential launch could be a major growth catalyst
UZEDY®: upward revision of 2025 net sales forecast by Teva (from $160 million to $190-200 million)
AbbVie partnership: first program advancing toward first-in-human trials (regulatory package expected 2026)
Gates Foundation financing: new $3 million envelope to advance mdc-STM malaria program
Expanded geographic approvals (Canada, South Korea) supporting broader commercialization
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
