Adocia, a clinical-stage biopharmaceutical company focused on the research and development of innovative therapeutic solutions for the treatment of diabetes and obesity, announced that it has signed an exclusivity agreement with Sanofi for M1Pram. The payment of 10 million euros to Adocia gives Sanofi the exclusive right to negotiate a worldwide partnership for the product. Payment of this sum is due to take place in the next few days, subject to usual conditions.
M1Pram is an innovative combination of insulin and pramlintide developed by Adocia to become the reference rapid-acting insulin for people with diabetes and obesity. Phase 2 clinical results in overweight and obese people with type 1 diabetes showed exceptional weight loss with good glycemic control. M1Pram aims to address a major unmet medical need for this population, estimated at nearly 40 million people worldwide.
"We are very pleased with this agreement with Sanofi. This commitment enables us to accelerate the development of M1Pram while pursuing discussions on a partnership agreement,” commented Olivier Soula, CEO of Adocia.
Concomitantly, Adocia will raise 10 million euros, through a 5 million euros private placement to which Gérard Soula, Chairman of Adocia's Board of Directors, and Bpifrance have committed, in addition to the issuance of 5 million euros in convertible bonds, to which Vester Finance and European investors have committed. These operations, which will have a dilutive impact, will be subject to a prospectus approved by the Autorité des Marchés Financiers.
"We have obtained the commitment of all investors for these two fund-raising operations, and we are working on their implementation. The conditions of these operations will be defined at a later date, in accordance with the resolutions approved at the last Annual General Meeting and will be the subject of an ad hoc communication as soon as they are finalized," comments Valérie Danaguezian, Adocia's Chief Financial Officer.
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