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The project will support the development of the Company's existing and new digital health application, including the respective programmes in different therapeutic areas. The investment will cover costs associated with platform development and technical solutions, as well as quality and data management systems.
The aim is to to support the promoter's research development and innovation (RDI) activities, including platform development, clinical validation, quality and data management systems, related to the development of digital health applications and pogrammes covering different therapeutic areas.
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 an innovative digital health company developing an holistic platform for the delivery of digital therapeutics and care management solutions.
In particular, the Promoter is developing digital health applications that enable patients to better manage their health conditions, from prevention to treatments follow-up, thus contributing to the digitalisation of healthcare systems. By supporting the Promoter, the EIB enables the generation of European scientific knowledge and know-how while preserving and expanding highly skilled employment opportunities in Europe.
Currently, the Company has limited access to either non-dilutive or to long-term debt funding sources. The financing structure is adjusted to the investment needs of the Company, with a long tenor and a mix of cash and deferred interest, minimising cash outflows. By contributing to the cash runway, EIB financing is expected to crowd-in third party investors and allow the company to accelerate its development. The project would not have been carried out to the same extent by the EIB without InvestEU support.
The specific RDI activities included in the project are expected to be performed in existing facilities without changing their already authorised scope. Therefore, the project activities would not require an Environmental Impact Assessment (EIA) under the Directive 2014/52/EU amending the Directive 2011/52/EU (amended by). Full environmental details will be verified during appraisal.
The Bank will require that all project contracts are procured in accordance with the applicable EU procurement legislation.