French Company MedinCell is set to receive an additional $19 million in grant funding over four years after signing a new agreement with the Bill & Melinda Gates Foundation.
The company aims to fund preclinical activities and a phase 1 clinical trial for the injectable six-month bioresorbable contraceptive (mdc-WWM).
The grant is structured in advanced instalments to cover the costs that will be incurred by the project. Depending on the options chosen and on the advancement of the program, up to $11.75 million could be raised over the next 12 months including a first tranche of $4.75 million to be paid immediately. The additional $7.25 million may be collected later.
This follows an earlier grant of $3.5 million which was awarded in November 2017 by the Gates Foundation to fund the formulation research phase. Full results should make it possible to select the candidate formulation.