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    € 25,000,000
    Belgium : € 25,000,000
    Industry : € 25,000,000
    Signature date(s)
    14/12/2022 : € 25,000,000
    Link to source

    Summary sheet

    Release date
    19 October 2021
    Signed | 14/12/2022
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 25 million
    EUR 102 million

    The promoter is a Belgium-based clinical stage company that develops single-domain antibody-based therapies (VHH or nanobodies). The EIB loan will finance the promoter's research and development (R&D) activities to further develop the company's lead candidate, XVR012, a COVID-19 therapeutic product derived from llama-derived nanobodies.

    The eligible investment plan incorporates R&D activities, clinical trials, chemistry manufacturing operations, clinical and regulatory approvals in the EU and the US, scale-up of manufacturing operations and other expenses involved in the product development. Additionally, R&D activities will also support the further development of an additional dosage form (a sub-cutaneous formulation) to also address milder forms of the disease allowing an earlier intervention.

    Additionality and Impact

    The project supports the development of a novel COVID-19 therapeutic. The EIB quasi-equity financing provides stable long-term funding to an early stage Belgium-based SME, tailored to the specific needs of the project at crucial milestones. The financing of this project addresses market failures of constrained and very costly access to finance of small SMEs as well as of financial markets in RDI - in this specific case, in biopharma. These failures are caused in part by information asymmetries associated with the inherent uncertainties of RDI activities, which result in high screening and monitoring costs. Other factors are the misalignment of incentives, lack of collateral and/or lack of track record.

    Through the support from the InnovFin Infectious Diseases Finance Facility (IDFF), the operation addresses the acute needs of a financially under-served early stage Company aiming to develop an innovative COVID-19 therapeutic, an area of high unmet medical need. The contribution to EU policy is therefore significant.

    The EIB's contribution is notable on both the financial and non-financial sides. The EIB support under InnovFin IDFF ensures that the Bank can support the Company at a very early stage and catalyse further financing, and thus innovation, highly skilled employment and growth efforts. The EIB financing is also expected to have a strong signalling effect for crowding in further investors. Structuring the financing as venture debt caters to the needs of this early stage Company and takes into account expected future cash flows. The EIB also provides added value in terms of financial structuring expertise, in addition to the technical contribution and advice.

    Environmental aspects

    The concerned R&D activities are expected to be carried out in the promoter's existing facilities or other research centres 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 by the EIB for compliance of the project with the relevant European legislation.

    The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation, then the promoter will have to apply those rules.

    Link to source


    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).


    Environmental and Social Data Sheet (ESDS) - EXEVIR (COVID-19) (IDFF)
    Publication Date
    17 Jan 2023
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
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