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Signature(s)

Amount
€ 20,000,000
Countries
Sector(s)
Spain : € 10,000,000
Slovenia : € 10,000,000
Health : € 20,000,000
Signature date(s)
16/12/2024 : € 10,000,000
16/12/2024 : € 10,000,000
Link to source

Summary sheet

Release date
7 August 2024
Status
Reference
Signed | 16/12/2024
20230984
Project name
Promoter - financial intermediary
UNIVERSALDX (IEU TI)
UNIVERSAL DIAGNOSTICS SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 20 million
EUR 92 million
Location
Sector(s)
  • Health - Human health and social work activities
Description
Objectives

The loan will finance the research and development (R&D) investments of the promoter, a molecular diagnostics company developing blood-based screening tests for the early detection of cancer.

The aim is to further advance the promoter's pipeline and bring the products to the medical market.

Additionality and Impact

The operation is eligible in accordance with Annex II of the InvestEU Regulation, specifically under the objective of Research, Development and Innovation, as it finances new, effective and accessible healthcare products.


The project focuses on the development and commercialisation of breakthrough innovation in cancer diagnosis to improve the survival and quality of life of patients, by a European SME. Therefore, the project is aligned with the Strategic Plan for Horizon Europe 2021-2024 addressing the policy considerations for the Health cluster 1, whilst also contributing to Europe's Beating Cancer Plan for early detection. It also contributes to the InvestEU objective of research, development and innovation through direct, equity-type financing under the EIB's Venture Debt instrument.

 

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 and misalignment of incentives. The Company collaborates with academic centres thereby amplifying knowledge externalities. By supporting the promoter, the EIB enables the generation of European scientific knowledge and acumen whilst preserving highly skilled employment opportunities.

 

The project will support the research, development, and manufacture of Universal Dx' pipeline to enable commercialisation of diagnostic tests to detect colorectal, and other cancers in blood, addressing a high unmet medical need.

 

EIB's financing is expected to crowd-in other capital investors, providing a significant cash runway that will enable the Company to complete key studies for their lead assets. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Environmental aspects
Procurement

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 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, 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 EIB will verify details during the project due diligence.

Milestone
Under appraisal
Approved
Signed
24 September 2024
16 December 2024
Related projects
Link to source
Summary sheet
Other links

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) - UNIVERSALDX (IEU TI)
Publication Date
26 Sep 2024
Document language
Main Topic
Lending
Document Number
214291632
Document Focus
Environmental Information
Project Number
20230984
Sector(s)
Regions
Countries
Publicly available
Download now
Other links

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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