Release date: 14 February 2022
Promoter – Financial Intermediary
ROBOCATH SASLocation
Description
Quasi equity financing to Robocath. The financing will be dedicated to the development of the company's robot for cardiovascular interventions.
Additionality and Impact
The project concerns a venture debt operation under the European Guarantee Fund. The purpose of the loan is to provide direct equity-type financing under EIB's Venture Debt Instrument to bridge the liquidity need of the innovative company 'Robocath', an SME based in France, which has been impacted by the Covid-19 pandemic. The company is a small commercial stage research-based MedTech SME, developing robotic solutions for cardiovascular and neurological interventions. The financing of this project addresses the failure in financial markets for RDI-driven SMEs, arising from their limited access to financing as a result of factors such as information asymmetries, misalignment of incentives etc. Creation of knowledge and support of skilled jobs in France will further contribute positively towards the EU's 3% RDI intensity target. Hence, EIBs involvement in this project supports the development of leading-edge timely, accurate and evidence based precision technology with important health benefits, which would otherwise have been significantly delayed due to the Covid-crisis.
Objectives
The proposed transaction will support research and development (R&D), manufacturing and product development costs for Robocath, a France-based company which develops robotic solutions for cardiovascular and neurological interventions.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 15 million
Total cost (Approximate amount)
EUR 36 million
Environmental aspects
The Promoter's investments concern research, development and innovation activities 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 Directive 2011/92/EU. Full environmental details will be verified during appraisal.
Procurement
The Promoter is a private company, not operating in the utilities sector and does not have the status of a contracting authority; thus the project is not covered by the 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.
Status
Signed - 29/10/2021
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).