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Tissium is a French medical device company pioneering a proprietary platform of fully biosynthetic, biomorphic, programmable, elastomeric polymers designed to address critical unmet needs in atraumatic tissue repair and tissue reconstruction. The project supports investments in research, development and innovation (RDI), clinical development, regulatory approvals and related product development and validation activities in order to reach market access and commercialisation of new products in Europe and the US.
The aim is to support the development, clinical validation, and regulatory approval of the promoter’s current pipeline of products; the early commercialisation of its lead product; the development of Tissium’s platform, including new products; and the expansion of its manufacturing capacity. The EIB financing will support the market launch of Tissium's most advanced products. The project will be coordinated from the Company's headquarters in Paris and its manufacturing facility in Roncq (North of France).
The project is aligned with the InvestEU objective of promoting research, development, and innovation through the development of new effective and accessible healthcare products. The project would make an important contribution to the EIB's Core Strategic Priority "Digitalisation and technological innovation"(TechEU) and is eligible under the Bank's Public Policy Goal "Research, innovation, Digital and Human Capital." It also supports the economic and social cohesion objective, with part of the project taking place in a cohesion region.
The purpose of the loan is to provide direct equity-type financing under InvestEU, benefiting from the EC guarantee to finance research and development activities of an innovative medical technology company.
The project, if successful, is expected to have significant financial and broader social benefits, in terms of improved outcomes for patients undergoing surgical interventions and possibly increasing the availability of some interventions. R&D and manufacturing activities are conducted in Europe, securing supplies and supporting the generation of European scientific knowledge and increasing highly skilled employment opportunities.
The financing of this project addresses the failure in financial market for RDI-driven European SMEs suffering from systemic shortages of non-dilutive financing options for growth investments. The financing structure is adapted to the investment needs of the Company and provides a long tenor. The Bank's contribution to extending the cash runway helps ensure that the needed investments for growth are made and is expected to crowd-in third party investors. The project would not have been carried out to the same extent by the EIB without the InvestEU support.
TThe 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). Full environmental details will be verified during 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 generally not covered by EU directives on procurement. However, the Bank will require that all project contracts are procured in accordance with the applicable EU procurement legislation. The EIB will verify details during the project due diligence.