"This novel coronavirus situation is very severe. All the companies in our field need to act rapidly. We need rapid diagnostic tools to detect the novel coronavirus, and we are taking part in that fight."
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Summary sheet
Release date
11 March 2019
Status
Reference
Signed | 14/05/2019
20190062
Project name
Promoter - financial intermediary
MOBIDIAG (EGFF)
MOBIDIAG OY
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 25 million
EUR 66 million
Description
Objectives
The project consists of the financing of Mobidiag, an innovative medtech company based in Finland. This financing will help Mobidiag to develop new diagnostic tests for infectious diseases.
The proposed transaction will support research and development (R&D) investments that are required in order to further advance the promoter's product pipeline and bring the products to market.
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 Bank's services will verify details during the project due diligence.
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Documents
Environmental and Social Data Sheet (ESDS) - MOBIDIAG (EGFF)
Publication Date
5 Apr 2022
Document language
Main Topic
Lending
Document Number
92360056
Document Focus
Environmental Information
Document Type
Project Number
20190062
Sector(s)
Regions
Countries
Publicly available
Download now
scoreboard - EUROPEAN GROWTH FINANCE FACILITY
Publication Date
13 Sep 2019
Document Language
English
Main Topic
lending
Document Number
122912044
Document Focus
EFSI legal requirements
Document Type
Scoreboard
Project Number
20180667
Last update
19 Aug 2020
Sector(s)
Services
Countries
Bulgaria, Kenya, Ghana, Mexico, Philippines
Publicly available
Download now
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News & Stories
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Inside the project
How and Why
Testing and screening
Why
- The coronavirus pandemic has created a need for fast, reliable, large-scale testing solutions that could be operated also by people without training in diagnostics
- The field of diagnostics will be critical in the fight against pandemics like the coronavirus and in the future.
How
- Mobidiag offers a comprehensive range of fast, reliable and cost-effective molecular diagnostic solutions for the detection of most clinically relevant bacteria, parasites, viruses and antibiotic resistances
- The EIB financing supports the development of two testing machines for the rapid molecular diagnostics of coronavirus infection: Novodiag and Amplidiag
- Based on well-established qPCR and microarray technologies, these machines combine high quality and affordable costs and offer a complete solution for rapid molecular diagnostics of coronavirus infection.
Sectors & Countries
Play video
1:06
Story
In the front line against COVID-19
When the novel coronavirus hit, Mobidiag, which operates in Finland and France, turned its full attention to the most pressing diagnostics issue across the world.
Mobidiag has marketed a test in Europe to detect antibodies against SARS-CoV-2, the virus responsible for Covid-19 infections. This test was developed by its Chinese partner, Autobio Diagnostics. Antibodies testing is important because it can detect whether a patient was infected in the past – not only whether the person is currently infected. As studies show that large numbers of people may have had the coronavirus without showing symptoms, testing for antibodies will be crucial to understand the spread of the virus and develop appropriate responses. So Mobidiag has put all its efforts into offering a complete solution for coronavirus detection with its Novodiag and Amplidiag coronavirus tests.
“We will shortly be moving away from just diagnosing the patients infected with the virus into identifying those people who have already encountered the disease and developed immunity. Such information will be key in making decisions when is it safe to dismantle the current restrictions of movement and isolation,” says Auvo Kaikkonen, a senior life science specialist at the European Investment Bank who has been following the developments at Mobidiag.
The field of diagnostic tools is just one of many healthcare areas in which the Bank invests. Whether through the development of vaccines or therapeutics, the EIB has worked hard to get the financing quickly to the most promising ones.
"By supporting the development of in-vitro testing platforms and facilities, we have been able to provide a crucial service in Europe in these difficult times."
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