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The project supports the development and market access of innovative portable ophthalmic lasers to diagnose and treat causes of vision loss and blindness. Key project elements are novel eye laser technologies, including expansion of production facilities.
The project will support the promoter's investments in Research, Development, and Innovation (RDI) to advance its new eye laser treatment as well as other innovative medical devices based on novel laser technology. The project also includes capital expenditure (capex) and market access costs.
The project is aligned with the InvestEU objective of promoting research, development and innovation. The purpose of the loan is to provide direct equity-type financing to an innovative medtech company developing and commercialising an innovative portable ophthalmic lasers to treat some of the most common causes of vision loss and blindness, including: Diabetic Retinopathy, Glaucoma, Age-related Macular Degeneration (AMD), Retinal tears and retinopathy of Prematurity (ROP).
By supporting the Promoter, the EIB enables the generation of European scientific knowledge and know-how while preserving and expanding highly skilled employment opportunities in Europe and is expected to enhance market competition within the medical laser devices sector. Currently, the Company does not have access to either non-dilutive or to long-term debt funding sources. The financing structure is adjusted to the investment needs of the Company, with a long tenor and deferred interest, minimising cash outflows. By contributing to the cash runway, EIB financing is expected to allow the company to accelerate its development. The project would not have been carried out to the same extent by the EIB without InvestEU support.
The project consists of operative expenditures for RDI on laser based treatments and diagnosis solutions as well as deployment of technology to increase the promoter's manufacturing capacity inside an existing site. The project's activities are not listed in any of the Annexes of EIA Directive 2011/92/EU amended by Directive 2014/52/EU. The project's activities contribute in full to the Bank's Climate Action and Environmental Sustainability (CA&ES) cross-cutting objective.
The promoter is a private company not operating in the utilities sector and not having the status of a contracting authority. Thus, it is not covered by 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.