Non-Dilutive Refinancing Improves Flexibility

Research evidence excerpt

Non-Dilutive Refinancing Improves Flexibility

France | Pharmaceuticals

Medincell EquityJulyResearch15, 2026

FIRST VIEWNon-Dilutive Refinancing Improves Flexibility

Conclusion RATING BUY

Medincell refinanced its debt profile, securing €28m of non-dilutive bank PRICE €26.42^

financing and extending overall debt maturity by >3 years to 2031. We PRICE TARGET | % TO PT €38.00 | +44%

view the transaction positively as it better aligns debt repayments with 52W HIGH-LOW €39.68 - €15.42

expected Uzedy royalty growth and potential olanzapine LAI cash flows, FLOAT (%) | ADV MM (USD) 88.3% | 2.90

while improving financial flexibility and reducing remaining EIB financing MARKET CAP €948.5M | $1.1B

costs. TICKER MEDCL FP

^Prior trading day's closing price unless otherwise

noted.

Detail

Medincell has refinanced its debt structure designed to better align

repayment obligations with its expected transition toward royalty and

milestone-driven cash flows. The company secured €28m of new non-

dilutive financing, with no covenants or equity-linked instruments, and will

use part of the proceeds to repay €20m of its existing €40m EIB facility

by end-July 2026, ahead of its original Dec 2027 maturity. The remaining

€20m, initially repayable in half in Jan 2028 and July 2028, will shift to a

partial amortising profile. Medincell will repay €200k monthly of principal

together with a 5% cash interest, with a final one-off repayment of €17.5m

in July 2028.

Following the transaction, Medincell's overall debt maturity is extended by

more than three years to July 2031, while the remaining EIB debt moves

to a more gradual amortisation profile. Management highlighted expected

future cash generation from Uzedy royalties and the potential launch of