France-based MedinCell (Paris:MEDCL) has signed a contract with the Bill & Melinda Gates Foundation for up to an additional USD19m to be granted over four years, it was reported on Friday.

The grant is intended to fund preclinical activities and a phase one clinical trial for the injectable six-month bioresorbable contraceptive (mdc-WWM). In accordance with the Global Access strategy of both partners and to ensure a significant impact on women's lives, the objective is to make the product widely available.

The grant is structured in advanced instalments to include the costs that will be incurred by the project. Depending on the options chosen and on the advancement of the program, up to USD11.75m is to be raised over the next 12 months including a first tranche of USD4.75m to be paid immediately. The additional USD7.25m is likely to be collected later.