Scinai Immunotherapeutics (NASDAQ: SCNI) today announced the execution of a formal amendment to its finance contract with the European Investment Bank (“EIB”). According to the announcement, the amendment extends the maturity date of the contract by four years from Dec. 31, 2027, to Dec. 31, 2031. “I thank the EIB for their ongoing support and cooperation. As the lending arm of the European Union, the EIB’s mission includes providing financing to support medical research and improve health care, and to do so in a manner that provides innovative young companies not only with required resources but also sufficient time to achieve their business goals,” said Scinai’s CEO Amir Reichman. “This extension of the maturity date of our financial facility agreement recognizes the time frame required to develop our anti–IL–17 NanoAbs as a treatment for autoimmune diseases such as psoriasis and psoriatic arthritis. In particular, the extension will positively impact our financial health, thereby helping to clear the path towards developing Scinai into a company that provides significant value to patients and shareholders.”
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About Scinai Immunotherapeutics Ltd.
Scinai is a biopharmaceutical company with two complementary business units. These include in-house development of inflammation and immunology (“I&I”) biological products beginning with an innovative, de-risked pipeline of nanosized VHH antibodies (“NanoAbs”) targeting diseases with large unmet medical needs; and a comprehensive CDMO service to help biotech companies bring their products to market efficiently and effectively by leveraging Scinai’s GMP and non-GMP drug development and manufacturing capabilities for pre-clinical and clinical studies. For more information, visit the company’s website at www.Scinai.com.
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