Some shareholders of MedinCell, a biotechnology company, have sold their 6% stake in the company to CM-CIC Innovation. Financial details hvae not been disclosed.
Founded in 2002, MedinCell has dedicated 10 years to the development of BEPO™, its patented long-acting injectable (LAI) technology. This innovation will enable to cope with drug non-adherence which is a major public health issue in terms of outcomes and overall costs. The BEPO™ technology provides a controlled release of drug for days, weeks or months from a fully biodegradable in-situ depot that forms after subcutaneous injection or local delivery of the formulated active pharmaceutical ingredient (API). This feature is based on a unique combination of custom proprietary copolymers, solvent and active pharmaceutical ingredients (API). MedinCell has laid out the foundations of a secured, agile and efficient development that includes partnerships with Novartis and Sandoz, two of the top 10 pharma companies, and with the leading generic pharma corporation. Through a joint-venture with Corbion, the company has secured a larger polymer production.
CM-CIC Innovation is a subsidiary of CM-CIC Investissement, a member of the Crédit Mutuel CM11 group that specializes in venture capital investments. Its aim is to invest in companies that are developing promising technologies. CM-CIC Innovation selects companies with strong growth potential in dynamic sectors like information technology, telecoms, electronics, life sciences, new materials and environmental technology. The firm’s policy is to provide long-term support to innovative startups by investing in their equity, in order to maximize their chances of success.
Oaklins' team in France advised the shareholders of MedinCell in this transaction.
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