Manufacturing scale-up to support rapid commercial roll-out in key markets

 

Lisbon, Portugal, 5th May 2017 – 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’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, 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

 

Notes to editors

 

About biosurfit and spinit®

biosurfit is a fast-growing and highly innovative commercial stage European medical diagnostics company focused on the development and manufacture of breakthrough technologies for the in vitro diagnostic (IVD) market. Its lead product spinit®, which was commercially launched in 2014, addresses an unmet need for fast, precise, reliable, easy-to-use blood analysis for medical testing in the point-of-care setting.

 

About The European Investment Bank (EIB)
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.

 

About InnovFin financial products
Under Horizon 2020, the EU research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) launched a generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, “InnovFin – EU Finance for Innovators” will offer a range of tailored products which will make available over €24 billion of financing support for research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructure. This finance is expected to support up to €48 billion of final R&I investments.

InnovFin is building on the success of the Risk-Sharing Finance Facility developed under the seventh EU framework programme for research and technological development (FP7), which financed 114 R&I projects to the tune of €1.3 billion and in addition provided loan guarantees worth over €1.4 billion.

Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which by their nature are riskier and harder to assess than traditional investments and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible as final beneficiaries.