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The project supports research, development and clinical evaluation of an implantable brain pacemaker used as a treatment to decrease seizures in patients with focal epilepsies.
The aim is to support the continued development, clinical evaluation, and market access of an innovative neuromodulation system for the treatment of drug-resistant focal epilepsy.
The project is aligned with the InvestEU objective of promoting research, development, and innovation. The purpose of the loan is to provide direct equity-type financing to a pioneering European MedTech company that has successfully commercialized the world's first minimally invasive brain pacemaker for the treatment of epilepsy. This breakthrough addresses a significant unmet medical need, as approximately one-third of epilepsy patients do not respond to existing treatments. The product offers a novel therapeutic option, improving patient outcomes and quality of life. Successful implementation of the product will positively impact highly skilled employment opportunities in Europe, knowledge creation and sharing accelerating growth of innovation, development, and research in Europe. Due to the innovative and capital-intensive nature of the technology, long-term debt funding is not readily available through traditional sources. The EIB's financing structure?featuring a 20-year tenor, low cash interest, and capitalized interest?has been specifically tailored to the company's investment needs. This structure minimizes short-term cash outflows, enabling the company to focus on growth, innovation, and market expansion. The EIB's involvement is expected to catalyse additional private investment by enhancing the project's credibility and visibility. The project would not have been carried out to the same extent by the EIB without InvestEU involvement.
The specific activities included in the project will not have any relevant environmental impact, as they relate to activities to be performed in existing facilities without changing their already authorised scope. Therefore, the project activities neither fall under Annex I nor Annex II of the Environmental Impact Assessment (EIA) Directive 2011/52/EU (amended by 2014/52/EU).
The EIB required that all project contracts are procured in accordance with the applicable EU procurement legislation.