XELTIS (EGF VD)

The Promoter is a Dutch company pioneering a restorative approach in cardiovascular therapy. The company's technology platform (RestoreX) enables the patient's own body to naturally restore a new blood vessel or heart valve.

The proposed transaction supports the company's research and development (R&D) investments and manufacturing upscaling-related capex to advance the clinical and regulatory development as well as market launch of the company's implantable cardiovascular devices i.e., restorative pulmonary heart valve, aortic heart valve, Coronary Artery Bypass Graft (CABG) and Hemodialysis access graft. The project will be coordinated from the company's headquarters located in Eindhoven (the Netherlands).

Xeltis is a Netherlands based clinical-stage medical device company pioneering a restorative approach in cardiovascular therapy, which has been impacted by the Covid-19 pandemic. Their technology is based on super molecular polymer chemistry materials enabling the patient's own body to naturally restore a new blood vessel or heart valve. Initially acting as a scaffold mimicking synthetic grafts (valve or vessel), Xeltis' products are progressively replaced by patient's own tissues so a full replacement and complete restoration of the natural function of the valve or vessel is achieved. The financing of this project addresses the failure in financial markets for RDI-driven SMEs, arising from their limited access to financing as a result of factors such as information asymmetries, misalignment of incentives etc. Creation of knowledge and support of skilled jobs in the Netherlands will further contribute positively towards the EU's 3% RDI intensity target. Hence, EIB's involvement in this project supports the development of leading-edge timely, accurate and evidence based precision technology with important health benefits, which would otherwise have been significantly delayed due to the Covid-19 crisis.

The project mainly concerns investments in R&D that are expected to be carried out in existing facilities already authorised for the same purpose and would therefore not require an environmental impact assessment (EIA) under the Directive 2014/52/EU amending the EIA Directive 2011/92/EU. Full environmental details will be verified during the appraisal.

The Promoter is a private company not operating in the utilities sector and not having the status of a contracting authority; thus, the project is not covered by the EU Directives on procurement. However, the Promoter's procurement procedures are expected to be in line with EIB guidelines for private sector projects. The Bank's services will verify details during the project due diligence.

Xeltis is a Dutch clinical-stage medical device company with the most advanced polymer-based restorative devices for cardiovascular treatment. Xeltis' devices, based on the revolutionary Nobel-prize super molecular polymer synthesis, can naturally evolve into living blood vessels or heart valves, when colonised by a patient's own tissue.