SCNI - European Investment Bank (EIB) extends maturity of its finance facility with Scinai Immunotherapeutics from 2027 to 2031 | Benzinga
Significant positive impact to Scinai's financial health is expected
Amendment made in light of Scinai's recent strategic shift to development of nanosized antibody therapeutics aimed at inflammation and immunology diseases
JERUSALEM , Nov. 29, 2023 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) announced today the execution of a formal amendment to its finance contract with the European Investment Bank (EIB). The amendment extends the maturity date of the contract by four years from December 31, 2027, to December 31, 2031.
Amir Reichman, Scinai's CEO, commented, "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 healthcare, 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. 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."
In part, the amendment reflects Scinai's recent strategic shift to focus on (1) Developing innovative inflammation and immunology (I&I) biological products primarily for the treatment of autoimmune and infectious diseases, beginning with a pipeline of VHH antibody (