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Signature(s)

Amount
€ 7,500,000
Countries
Sector(s)
Italy : € 7,500,000
Services : € 7,500,000
Signature date(s)
24/02/2022 : € 7,500,000
Link to source
Data sheet

Summary sheet

Release date
24 March 2022
Status
Reference
Signed | 24/02/2022
20210512
Project name
Promoter - financial intermediary
DIADEM (EGF VD)
DIADEM SRL
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 8 million
EUR 20 million
Location
Sector(s)
  • Services - Professional, scientific and technical activities
Description
Objectives

Quasi-equity financing to Diadem, an Italian biotechnology company developing prognostic testing for early detection of Alzheimer's disease.

The proposed transaction will support research and development (R&D) investments to address a high-unmet medical need in the fields of prediction and diagnosis of Alzheimer's Disease (AD), a disease that has a high economic and social burden globally. Diadem's technology is offering the unique possibility to detect AD at an early stage or even predict AD in asymptomatic patients, which may provide the great opportunity to start preventive therapies with disease-modifying treatments (DMTs) and/or non-pharmaceutical interventions that may change the progression of the disease. The project supports ongoing R&D activities conducted by the Promoter and its network of partners, which encompasses universities, research institutes and other private companies (suppliers, etc.). It represents a rational allocation of resources. Furthermore, this project sustains the Promoter's long-term growth through the development of innovative diagnostic tools.

Additionality and Impact

The project concerns an operation under the European Guarantee Fund. The purpose of the loan is to provide direct, equity-type financing under EIB's Venture Debt Instrument to support Research, Development and Innovation ("RDI") activities of the innovative company 'Diadem', an SME based in Italy, which has been impacted by the COVID-19 pandemic. The financing of this project addresses the failure in financial markets for RDI, arising from limited access to commensurate financing as a result of factors such as information asymmetries, misalignment of incentives, etc. The Promoter is a dedicated medical technology company developing innovative solutions for the early prediction and diagnosis of Alzheimer's disease, with the aim of potentially enabling early interventions to slow disease progression. The project targets an unmet need with high socio-economic impact. By creating knowledge externalities, the project will provide significant socio-economic benefits, will strengthen Italy and Europe's leading position in medical technologies, and it will help to retain skilled staff engaged in the Company's RDI activities. 

EIB's financing would be complementary to European venture capital ("VC") investors and would provide a signalling effect to crowd-in other capital providers, which are necessary for the completion of the clinical development stage and the launch of commercial operations. Hence, thanks to EIB's involvement, this project will not be significantly delayed due to the crisis.

Environmental aspects
Procurement

The proposed transaction will support research and development (R&D) investments that are required in order to advance the clinical development of an innovative product in indications that address a high unmet medical need. By co-investing in the project, the Bank contributes to improving healthcare, whilst also fostering the generation of European scientific knowledge and acumen, preserving and cultivating highly skilled employment opportunities. Developing orally applied receptor modulators for hematologic malignancies, i.e. cancers that affect the blood, bone marrow, and lymph nodes, commonly known as leukaemia.

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.

Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - DIADEM (EGF VD)
Publication Date
25 Mar 2022
Document language
Main Topic
Lending
Document Number
151104997
Document Focus
Environmental Information
Project Number
20210512
Sector(s)
Regions
Countries
Publicly available
Download now

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