(News Bulletin 247) – MedinCell jumped 16% on the Paris Stock Exchange on Tuesday following the FDA’s approval of a new treatment for schizophrenia based on its proprietary technology, marking a “new era” for the biotech company.
MedinCell and its partner Teva announced this morning that the US health authority has authorized the marketing of mdc-IRM, the first product based on MedinCell’s ‘Bepo’ technology.
This new treatment for schizophrenia will be available in the coming weeks in the United States under the trade name of Uzedy.
Following this approval, MedinCell will receive royalties on all product sales and up to $105 million in commercial milestone payments
In a press release, MedinCell recalls that two other products from its proprietary platform are currently in phase 3 and several others are in development.
The ‘Bepo’ technology makes it possible to control the delivery of a drug at a therapeutic dose for several days, weeks or months from a simple subcutaneous or local injection.
Christophe Douat, Chairman of the Management Board of MedinCell, welcomed this turning point, which he considers to be an ‘inflection point’ for his company.
“This major step in the evolution of MedinCell will benefit all products in our portfolio and increase our visibility,” he said.
The stock is currently up 15.9%, bringing its year-to-date gains to more than 61%.
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