MONTPELLIER, France--(BUSINESS WIRE)--Regulatory News:
MedinCell (Paris:MEDCL):
“I am stepping down from the Supervisory Board as I have reached the mandated age limit. More importantly, I do so with utmost confidence in our current management team's ability to move the company forward, strengthen our partnerships, and drive growth. The organization is in capable hands for the exciting journey ahead. In this next stage for me, I look forward to focusing my efforts, passionately, on my core background of pioneering innovation at the technology and science research level. I will also work on promoting an engaged and active shareholders community who can support MedinCell in shaping the future of the company,” said Anh Nguyen.
Anh Nguyen is a founder of MedinCell. His departure, which took effect on February 15, 2024, comes as part of his remarkable endeavors as Chairman, since 2013, to install a dynamic governance, a reliable succession, and a strong management team for the company, prior to reaching the statutory age limit this year.
Anh Nguyen, a molecular biologist and a business executive by background started his successful career of a biotech serial entrepreneur in California, USA, where he co-founded and advanced successful companies to public listing on NASDAQ. Anh Nguyen championed organizational approaches of employee ownership of companies and moved these concepts beyond the USA to Europe with the co-founding of MedinCell.
While Anh Nguyen was CEO then Chairman of MedinCell, the company advanced its proprietary technology of Controlled Release BEPO from early stages of chemistry research to being approved by the FDA, as the core technology of a major Long-Acting Injectable anti-psychotic therapy. The technology is also present, through several key partnerships, in clinical stages of development across multiple disease indications.
His guidance at MedinCell also included active selection and development of candidate therapies based on their potential of global access and significant social impact. Current key collaborations with major philanthropies-NGOs illustrate this approach.
On the organizational side, Anh Nguyen combined actions on science and leadership installed the strategic, governance and organizational foundations for the continued future growth for MedinCell, to become a key global actor in the Long-Acting therapy field.
The Board has initiated the process of seeking a new Chairman while Sabri Markabi, as current Vice-Chairman, is appointed as Chairman on an interim basis. He will coordinate the continuation of the Board activities and the pursuit of its existing objectives, in collaboration with the management team.
About MedinCell
MedinCell is a clinical- and commercial-stage biopharmaceutical company developing long-acting injectable drugs in many therapeutic areas. Our innovative treatments aim to guarantee compliance with medical prescriptions, to improve the effectiveness and accessibility of medicines, and to reduce their environmental footprint. They combine active pharmaceutical ingredients with our proprietary BEPO® technology which controls the delivery of a drug at a therapeutic level for several days, weeks or months from the subcutaneous or local injection of a simple deposit of a few millimeters, entirely bioresorbable. The first treatment based on BEPO technology, intended for the treatment of schizophrenia, was approved by the FDA in April 2023, and is now distributed in the United States by Teva under the name UZEDY™ (BEPO technology is licensed to Teva under the name SteadyTeq™).
We collaborate with leading pharmaceutical companies and foundations to improve global health through new treatment options. Based in Montpellier, MedinCell currently employs more than 140 people representing more than 25 different nationalities.
UZEDY™ and SteadyTeq™ are trademarks of Teva Pharmaceuticals
This press release contains forward-looking statements, including statements regarding Company’s expectations for (i) the timing, progress and outcome of its clinical trials; (ii) the clinical benefits and competitive positioning of its product candidates; (iii) its ability to obtain regulatory approvals, commence commercial production and achieve market penetration and sales; (iv) its future product portfolio; (v) its future partnering arrangements; (vi) its future capital needs, capital expenditure plans and ability to obtain funding; and (vii) prospective financial matters regarding our business. Although the Company believes that its expectations are based on reasonable assumptions, any statements other than statements of historical facts that may be contained in this press release relating to future events are forward-looking statements and subject to change without notice, factors beyond the Company's control and the Company's financial capabilities.
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