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biosurfit secures €12 million loan from the European Investment Bank

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
 
Notes to Editors

About biosurfit SA

biosurfit is a Portuguese, commercial stage, point-of-care (PoC) diagnostics company with highly innovative proprietary technology. biosurfit’s spinit® platform is the first, and only, diagnostic system capable of performing the major PoC blood test modalities (haematology, immunoassays and clinical chemistry) on the same instrument. biosurfit’s first two tests, C-Reactive Protein (CRP) and Blood Count, were CE-marked and launched in the EU in 2014 and an extensive test menu is expected to be rolled-out in the EU and USA over the next 3 years. biosurfit´s investors are the founders, Portugal Ventures, Caixa Capital, Beta Capital and PME Investimentos.

 
For further information about Biosurfit, please visit www.biosurfit.com.
 
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.

biosurfit featured on national news: ” The future today”

Find out the whole story in this link.

(If you don’t understand portuguese, enable english subtitles on the video)

RevDiagnostics

 

“We are proud to represent spinit ® in the Benelux market and to work with the very driven team of biosurfit. spinit® is a great innovative product with a lot of possibilities in the field of POCT.
The feedback that we have been receiving from customers is tremendously positive. spinit® is already recognized for its quality, stability and ease of connecting. It is the only true Multi Parameter POCT system. “

 

Ernst De Jong – Founder and Director at RevDiagnostics

DVU

 

“At DVU we want to be on the top of innovation while providing quality, decentralized and efficient care to our customers. With the implementation of spinit® we are taking one more step forward as a company in that direction.” 

 

Antoon Van Elderen – Chief Business Development at DVU

MedX Nordic

 

“spinit® offers what the market demands for a point of care product, quality of results, simplicity of use, and comprehensiveness of test panels! Using always the same instrument!” 

 

Atle Schjøtt – Chief Executive Officer at MedX Nordic