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The project will finance the promoter's Research & Development (R&D)to further develop transformative vascular implants using supramolecular chemistry. The R&D investments focus on solutions for vascular access, coronary and peripheral bypass grafts, and pulmonary heart valves.
The project focuses on the development, clinical validation, and regulatory approval of aXess, an innovative haemodialysis conduit leveraging Xeltis' proprietary Endogenous Tissue Restoration (ETR) technology, which enables the body to naturally restore functional vascular tissue. Additionally, the concerned R&D investments include clinical research, for novel therapeutic applications such as Coronary Artery Bypass Graft (XABG program), Peripheral Artery Diseases (Xpad program) and Pulmonary Valve (Xplore program).
The project is aligned with the InvestEU objective of promoting research, development and innovation. This project would ease financial constraints for a smaller innovative company which arise from information asymmetries pertaining to the company's lack of track record and of the market potential of their innovation. The financing of this project would mitigate the limited access to financial markets for the Company to adequately fund its scientific research due to the high risks involved and the general lack of collateral.
Additionally, The EIB has structured its financing to mirror a convertible loan, combining long-term debt with warrants to align returns with equity investors. By funding part of the investment plan, it supports the upcoming funding round and extends the borrower's cash runway.
The public health benefit is expected to be high as the Company is targeting an area of unmet need. Solutions for hemodialysis access today are associated with high complication rates and better graft materials hold promise to reduce re-operation rates for affected patients. The Company's product allows for a more natural restoration of a synthetic arteriovenous graft.
The project would not have been carried out to the same extent by the EIB without the InvestEU support.
The project would not require an Environmental Impact Assessment (EIA) under Directive 2014/52/EU amending the Directive 2011/92/EC as research, development and innovation activities will be carried out in facilities already authorised for the same purpose. Full environmental details will nevertheless be verified to align with EU best practices.
The EIB requires that all project contracts are procured in accordance with the applicable EU procurement legislation.