Signature(s)
Summary sheet
- Industry - Manufacturing
The project supports the RDI activities by a biotech company to further develop antibodies to be administered intranasally, directly to the nasal mucosa, providing protection against respiratory viral infections, namely influenza A & B and coronaviruses.
The project's objectives are the development of the promoter's mucosal immunity platform and of its prophylactic nasal sprays against respiratory viruses such as influenza and coronaviruses to generate pre-clinical and clinical data.
The operation contributes to the InvestEU objective of research, development, and innovation (RDI), tackling financial market failures arising from limited access to financing, information asymmetries and misalignment of interest. The purpose of the loan is to provide direct equity-type financing under the EIB's Venture Debt Instrument to support RDI activities of an innovative Dutch biotech company. By creating knowledge externalities, the project is expected to provide significant socio-economic benefits, strengthen the Netherland's and Europe's position in the field of mucosal immunity and prophylactic therapies against respiratory viruses, and help create and retain highly skilled employment opportunities. The EIB loan aligns with the company's financing requirement and synchronises the Bank's interest with equity investors.
Thanks to the support of InvestEU, the EIB can provide long-term financing to a highly innovative company. By contributing to extending the company's cash runway and supporting its R&D plans, the EIB financing is expected to catalyse third-party investment and help to accelerate the company's development and growth. The project would not have been carried out to the same extent by the EIB without the support of InvestEU.
The project concerns investments in research and development activities carried out by the promoter and its partners in existing facilities without materially changing their already authorised scope. The research and development activities of the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) EU Directive 2014/52/EU amending 2011/92/EU.
The promoter is a private company, not operating in the utilities sector, and who 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 EIB will verify details during the project due diligence.