Summary sheet
The project will support a leading molecular diagnostics company focused on developing innovative diagnostic tests for early cancer detection.
The aim is to finance research and development (R&D) investments to further advance the promoter's product pipeline and bring the products to the medical market.
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 Amadix' pipeline to enable commercialisation of diagnostic tests to detect colorectal, pancreatic and lung cancer 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.
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 Bank's services will verify details during the project due diligence.