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    Reference: 20180548
    Release date: 15 May 2019

    Promoter – Financial Intermediary

    VIVASURE MEDICAL LTD

    Location

    Description

    The project will provide finance to Vivasure Medical, an innovative medtech company based in Ireland, to support the development of pioneering surgical closure device products for vascular access procedures.

    Objectives

    The project will help the promoter to develop Research & Development (R&D) and capex related activities in order to develop and produce products in the vascular closure devices business.

    Comments

    EIB support for innovation investment by Vivasure to improve medical devices should be proactively highlighted to Irish business and specialist medical media and video material sought. An announcement around an EIB briefing to the medical technology cluster in Galway should be considered as a backdrop to the announcement. Reference to broader EIB support for new technology should be made to highlight the broader context and investment gap.

    Sector(s)

    • Health - Human health and social work activities

    Proposed EIB finance (Approximate amount)

    EUR 10 million

    Total cost (Approximate amount)

    EUR 26 million

    Environmental aspects

    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.

    Procurement

    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's services will verify details during the project due diligence.

    Status

    Signed - 29/03/2019

    Disclaimer

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

    Related tags

    Ireland Health