Manufacturing scale-up to support rapid commercial roll-out in key markets.
biosurfit SA ("biosurfit”), the in vitro point-of-care (PoC) diagnostics company, announces that it has drawn down the second €6 million tranche from the €12 million loan signed with the European Investment Bank ("EIB”) in November 2015 to fund biosurfit’s transition to industrial-scale manufacturing, and support the rapid commercial roll-out of the Company’s spinit® PoC device in key EMEA markets. The first €6 million was drawn down in April 2016.
Due to the high levels of customer interest and rapid commercial roll-out of its spinit® PoC diagnostic system, in addition to the expected launch of further new tests during 2017, biosurfit will use the funds to support the ongoing commercialisation of spinit® in key EMEA markets and to progress the regulatory approval processes in other new markets.
In addition, the EIB funds, together with additional Portuguese grants, will accelerate biosurfit’s transition to industrial-scale manufacturing through the construction and commission of a new manufacturing facility in Azambuja, approximately 50km from Lisbon, creating new job opportunities in the region. The 4,500m2 facility, which will be modular in design, will allow for rapid construction and flexibility for future expansion. Initially, it will include 2,500m2 of space for automated manufacturing of spinit® instruments and disposable discs and 1,000m2 of R&D lab space. Construction is expected to commence in Q2’17 with commissioning expected in H1’18.
biosurfit investment`s programme is supported by "InnovFin - EU Finance for Innovators” MidCap Growth Finance, with the financial backing of the European Union under Horizon 2020 Financial Instruments. InnovFin is a range of EIB Group products designed to facilitate access to finance for innovative businesses. InnovFin MidCap Growth Finance offers long-term senior, subordinated or mezzanine loans ranging from €7.5 to 25 million for innovative larger midcaps (up to 3,000 employees) but also SMEs and small midcaps.
João Garcia da Fonseca, CEO of biosurfit, commented: "We are very pleased with the high level of customer interest in, and take-up, of the spinit® device. This, and the expected launch of our new lipids and inflammation panels during 2017, necessitates us upgrading our manufacturing capacity. The EIB funds will support the construction and commissioning of this facility and our continued commercial roll-out in both existing and new markets, including the USA and Asia, following the necessary regulatory approval.”
For enquiries please contact:
FTI Consulting (media relations)
Simon Conway / Natalie Garland-Collins
+44 (0)203 727 1000
biosurfit SA
João Garcia da Fonseca, Chief Executive Officer
Daniel Neves, Chief Marketing Officer
+351 218 860 169
Northridge Advisory Ltd. (advisor to biosurfit)
Jamie Adams / Robin Stürken
Tel: +44 (0)20 8906 6738
Due to the high levels of customer interest and rapid commercial roll-out of its spinit® PoC diagnostic system, in addition to the expected launch of further new tests during 2017, biosurfit will use the funds to support the ongoing commercialisation of spinit® in key EMEA markets and to progress the regulatory approval processes in other new markets.
In addition, the EIB funds, together with additional Portuguese grants, will accelerate biosurfit’s transition to industrial-scale manufacturing through the construction and commission of a new manufacturing facility in Azambuja, approximately 50km from Lisbon, creating new job opportunities in the region. The 4,500m2 facility, which will be modular in design, will allow for rapid construction and flexibility for future expansion. Initially, it will include 2,500m2 of space for automated manufacturing of spinit® instruments and disposable discs and 1,000m2 of R&D lab space. Construction is expected to commence in Q2’17 with commissioning expected in H1’18.
biosurfit investment`s programme is supported by "InnovFin - EU Finance for Innovators” MidCap Growth Finance, with the financial backing of the European Union under Horizon 2020 Financial Instruments. InnovFin is a range of EIB Group products designed to facilitate access to finance for innovative businesses. InnovFin MidCap Growth Finance offers long-term senior, subordinated or mezzanine loans ranging from €7.5 to 25 million for innovative larger midcaps (up to 3,000 employees) but also SMEs and small midcaps.
João Garcia da Fonseca, CEO of biosurfit, commented: "We are very pleased with the high level of customer interest in, and take-up, of the spinit® device. This, and the expected launch of our new lipids and inflammation panels during 2017, necessitates us upgrading our manufacturing capacity. The EIB funds will support the construction and commissioning of this facility and our continued commercial roll-out in both existing and new markets, including the USA and Asia, following the necessary regulatory approval.”
For enquiries please contact:
FTI Consulting (media relations)
Simon Conway / Natalie Garland-Collins
+44 (0)203 727 1000
biosurfit SA
João Garcia da Fonseca, Chief Executive Officer
Daniel Neves, Chief Marketing Officer
+351 218 860 169
Northridge Advisory Ltd. (advisor to biosurfit)
Jamie Adams / Robin Stürken
Tel: +44 (0)20 8906 6738