biosurfit secures €12 million loan from the European Investment Bank.
Supporting the development and commercialization of innovative point-of-care diagnostic tests.
biosurfit SA ("biosurfit” or” the Company”), the in vitro point-of-care diagnostics company, today announces that it has secured a €12 million loan from The European Investment Bank ("EIB”) to support the funding of the Company’s research, development and innovation (RDI) activities in point-of-care (PoC) diagnostics. Román Escolano, EIB Vice-President and João Garcia da Fonseca, CEO, biosurfit, have signed the financing contract in Lisbon today.
biosurfit is a fast-growing and highly innovative early commercial stage medical diagnostics company focused on the development and manufacture of breakthrough technologies for the in vitro diagnostic (IVD) market and financed by Portugal Ventures, Beta Capital, Caixa Capital and PME Investimentos. The Company’s lead platform technology, spinit®, addresses an unmet need for fast, precise, reliable and affordable blood analysis for PoC medical testing.
The financing will support the development of novel diagnostic tests to expand biosurfit’s existing spinit® technology platform and its ongoing commercialization in key markets. The main focus will be to establish a wide range of diagnostic tests in one simple to use instrument across a broad spectrum of applications, including diabetes, cardiology inflammation, haematology, renal and metabolic diseases. The loan will also fund investments to expand the Company´s manufacturing capacity in line with the wider product portfolio and expected market demand for tests.
The investments will be carried out in Portugal and will be implemented over the next three years. The loan will support biosurfit in its transition to industrial-scale operations and in the expansion of the Company´s intellectual property portfolio. This funding will, therefore, contribute to the creation of highly skilled jobs in Portugal and to the implementation of R&D activities that will help to improve patients’ health and quality of life.
biosurfit’s investment 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, Chief Executive Officer of biosurfit, commented: "We are delighted to have secured this financing from the European Investment Bank which provides us with access to long-term, committed capital on favourable terms. It is a clear endorsement from the EIB of the strength, quality and potential of biosurfit’s innovative diagnostics technology.”
Román Escolano, EIB Vice-President, said: "The €12 million loan provided by the European Investment Bank to support biosurfit’s activities in innovative diagnostics illustrates European Union’s commitment to innovation and to its citizens, who will benefit most from this important project. We are happy to contribute to biosurfit’s RDI and commercialization activities, which aim to improve patients’ health and quality of life as well as creating highly skilled employment opportunities in Portugal.”
Enquiries
biosurfit SA: +35 1 21 886 01 69
Ian Gilham, Chairman
João Garcia da Fonseca, Chief Executive Officer
Daniel Neves, Chief Financial Officer
FTI Consulting: +44 (0)20 3727 1000
Ben Atwell
Simon Conway
Natalie Garland-Collins
Northridge Advisory Ltd. (Advisor to Biosurfit®): +44 (0)20 8906 6738
Jamie Adams
Robin Stürken
biosurfit SA ("biosurfit” or” the Company”), the in vitro point-of-care diagnostics company, today announces that it has secured a €12 million loan from The European Investment Bank ("EIB”) to support the funding of the Company’s research, development and innovation (RDI) activities in point-of-care (PoC) diagnostics. Román Escolano, EIB Vice-President and João Garcia da Fonseca, CEO, biosurfit, have signed the financing contract in Lisbon today.
biosurfit is a fast-growing and highly innovative early commercial stage medical diagnostics company focused on the development and manufacture of breakthrough technologies for the in vitro diagnostic (IVD) market and financed by Portugal Ventures, Beta Capital, Caixa Capital and PME Investimentos. The Company’s lead platform technology, spinit®, addresses an unmet need for fast, precise, reliable and affordable blood analysis for PoC medical testing.
The financing will support the development of novel diagnostic tests to expand biosurfit’s existing spinit® technology platform and its ongoing commercialization in key markets. The main focus will be to establish a wide range of diagnostic tests in one simple to use instrument across a broad spectrum of applications, including diabetes, cardiology inflammation, haematology, renal and metabolic diseases. The loan will also fund investments to expand the Company´s manufacturing capacity in line with the wider product portfolio and expected market demand for tests.
The investments will be carried out in Portugal and will be implemented over the next three years. The loan will support biosurfit in its transition to industrial-scale operations and in the expansion of the Company´s intellectual property portfolio. This funding will, therefore, contribute to the creation of highly skilled jobs in Portugal and to the implementation of R&D activities that will help to improve patients’ health and quality of life.
biosurfit’s investment 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, Chief Executive Officer of biosurfit, commented: "We are delighted to have secured this financing from the European Investment Bank which provides us with access to long-term, committed capital on favourable terms. It is a clear endorsement from the EIB of the strength, quality and potential of biosurfit’s innovative diagnostics technology.”
Román Escolano, EIB Vice-President, said: "The €12 million loan provided by the European Investment Bank to support biosurfit’s activities in innovative diagnostics illustrates European Union’s commitment to innovation and to its citizens, who will benefit most from this important project. We are happy to contribute to biosurfit’s RDI and commercialization activities, which aim to improve patients’ health and quality of life as well as creating highly skilled employment opportunities in Portugal.”
Enquiries
biosurfit SA: +35 1 21 886 01 69
Ian Gilham, Chairman
João Garcia da Fonseca, Chief Executive Officer
Daniel Neves, Chief Financial Officer
FTI Consulting: +44 (0)20 3727 1000
Ben Atwell
Simon Conway
Natalie Garland-Collins
Northridge Advisory Ltd. (Advisor to Biosurfit®): +44 (0)20 8906 6738
Jamie Adams
Robin Stürken