Investment Plan for Europe: Mobidiag Secures EUR 25 Million from EIB
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Funds will be used to accelerate the development and
commercialisation of in vitro diagnostic solutions for
infectious diseases. -
Second operation between the EIB and Mobidiag after first loan in
2016.
ESPOO, Finland & LUXEMBOURG–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/EIB?src=hash” target=”_blank”gt;#EIBlt;/agt;–Mobidiag Ltd., a commercial stage molecular diagnostics company
addressing the spread of infectious diseases and antimicrobial
resistance, has signed a EUR 25 million growth capital loan with the
European Investment Bank (EIB). The EIB loan will be supported by the European
Fund for Strategic Investments (EFSI),
the main pillar of the Investment
Plan for Europe, through the European
Growth Finance Facility (EGFF) initiative. This new four-year loan will
allow Mobidiag to advance its research and development and facilitate
further validation and commercialisation of molecular diagnostics tests
on the Company’s Amplidiag® and Novodiag®
platforms.
Tuomas Tenkanen, CEO of Mobidiag, said: “This EIB loan is a
further validation of Mobidiag’s progress as we become a leading player
in the molecular diagnostics market providing innovative and
differentiated solutions that are adopted by key laboratories throughout
Europe. Following extensive R&D and clinical validation, we are proud
that our state-of-the-art technology is now commercially available
internationally. This loan will allow us to accelerate the development
of the Mobidiag platform content to the next level, and build
significant value over the coming years by building a comprehensive
portfolio of diagnostics tests that can be used on our devices. We are
delighted to have the EIB’s support and look forward to working with
them again.”
At the signature, EIB Vice-President Alexander Stubb,
remarked: “Boosting the innovation capacity of a European life science
business and helping to preserve relevant sectoral know-how in Europe is
of major importance right now. The EIB used to be known as an
infrastructure bank, but in recent years it has made an important shift
towards supporting innovative companies, and very noticeably so in
Finland. Our support has helped Mobidiag to continue its growth, and
we’re glad to renew our commitment to this great company.”
European Commission Vice-President Jyrki Katainen, responsible
for Jobs, Growth, Investment and Competitiveness, added: “Researching
and developing ways to stop the spread of infectious diseases is hugely
important work but it comes at a high cost. With the support of the EFSI
guarantee, the EIB can lend Mobidiag the financing it needs to realise
its ambitions and make the world a safer and healthier place to live.”
Since 2016, the EIB has contributed significantly to the growth of
Mobidiag through the provision of a EUR 15 million loan facility, the
final tranche of which was obtained in November 2018. The loan enabled
Mobidiag to successfully achieve a number of operational milestones in
the development, validation and subsequent launch of the innovative and
proprietary ‘sample-in, result-out’ diagnostic solution Novodiag®.
With this new EUR 25 million loan, Mobidiag will continue to seek growth
through the extension of its product pipeline.
Background information:
The European
Investment Bank (EIB) is the long-term lending institution of
the European Union owned by its Member States. It makes long-term
finance available for sound investment in order to contribute towards EU
policy goals. In 2018, the Bank made available nearly EUR 1.8 billion in
loans for Finnish
projects.
Incepted in 2000, Mobidiag
is a commercial stage, fast growing molecular diagnostics company
whose affordable, widely applicable and robust technology makes the
power of molecular diagnostics available to address the spread of
antimicrobial resistance (AMR) by rapid detection of pathogens and their
potential resistance to antibiotics. Through its Amplidiag®
and Novodiag® solutions, Mobidiag offers a comprehensive
range of fast, reliable and cost-effective molecular diagnostic
solutions for the detection of infectious diseases to laboratories of
all sizes.
The Novodiag®
platform offers an on-demand automated solution suitable
for small laboratories, decentralised units as well as emergency
units and larger laboratories thanks to key benefits such as low
hands-on time, ease of use, random access and reliable results. Since
its commercialisation, the Novodiag® solution has generated
extremely positive feedback from the market and has been rapidly adopted
on a routine basis in many laboratories throughout Europe.
The Investment
Plan for Europe, known as the Juncker Plan, is one of the
European Commission’s top priorities. It focuses on boosting investment
to generate jobs and growth by making smarter use of new and existing
financial resources, removing obstacles to investment, and providing
visibility and technical assistance to investment projects.
The European Fund for Strategic Investments (EFSI) is the main pillar of
the Juncker Plan and provides first loss guarantees, enabling the EIB to
invest in more projects that often come with greater risks. EFSI has
already yielded tangible results. The projects
and agreements approved for financing under EFSI are expected to
mobilise almost EUR 393 billion in investments and support 945 000 SMEs
in the 28 Member States. More information on the results of the
Investment Plan for Europe is available here.
Contacts
Press contacts:
EIB: Tim Smit,
+352 691 286423, t.smit@eib.org
– Twitter #EIB60 and Instagram
European
Commission: Siobhan Millbright, +32 460 75 73 61, siobhan.millbright@ec.europa.eu
Mobidiag:
Dorothee Allard, +33 (0)1 55 25 17 13, marketing@mobidiag.com
Consilium
Strategic Communications: Chris Gardner, Matthew Neal, Chris Welsh,
+44 (0)203 709 5700, mobidiag@consilium-comms.com