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    Référence: 20210619
    Date de publication: 19 octobre 2021

    Promoteur – Intermédiaire Financier




    The promoter is a Belgium-based clinical stage company that develops single-domain antibody-based therapies (VHH or nanobodies). The EIB loan will finance the promoter's research and development (R&D) activities to further develop the company's lead candidate, XVR012, a COVID-19 therapeutic product derived from llama-derived nanobodies.

    Additionality and Impact

    The project supports the development of a novel COVID-19 therapeutic. The EIB quasi-equity financing provides stable long-term funding to an early stage Belgium-based SME, tailored to the specific needs of the project at crucial milestones. The financing of this project addresses market failures of constrained and very costly access to finance of small SMEs as well as of financial markets in RDI - in this specific case, in biopharma. These failures are caused in part by information asymmetries associated with the inherent uncertainties of RDI activities, which result in high screening and monitoring costs. Other factors are the misalignment of incentives, lack of collateral and/or lack of track record.

    Through the support from the InnovFin Infectious Diseases Finance Facility (IDFF), the operation addresses the acute needs of a financially under-served early stage Company aiming to develop an innovative COVID-19 therapeutic, an area of high unmet medical need. The contribution to EU policy is therefore significant.

    The EIB's contribution is notable on both the financial and non-financial sides. The EIB support under InnovFin IDFF ensures that the Bank can support the Company at a very early stage and catalyse further financing, and thus innovation, highly skilled employment and growth efforts. The EIB financing is also expected to have a strong signalling effect for crowding in further investors. Structuring the financing as venture debt caters to the needs of this early stage Company and takes into account expected future cash flows. The EIB also provides added value in terms of financial structuring expertise, in addition to the technical contribution and advice.


    The eligible investment plan incorporates R&D activities, clinical trials, chemistry manufacturing operations, clinical and regulatory approvals in the EU and the US, scale-up of manufacturing operations and other expenses involved in the product development. Additionally, R&D activities will also support the further development of an additional dosage form (a sub-cutaneous formulation) to also address milder forms of the disease allowing an earlier intervention.


    Montant BEI envisagé (montant approximatif)

    EUR 25 million

    Coût total (montant approximatif)

    EUR 102 million

    Aspects environnementaux

    The concerned R&D activities are expected to be carried out in the promoter's existing facilities or other research centres already authorised for the same purpose and would therefore not require an environmental impact assessment (EIA) under the Directive 2014/52/EU amending the EIA Directive 2011/92/EU. Full environmental details will be verified during the appraisal by the EIB for compliance of the project with the relevant European legislation.

    Passation des marchés

    The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation, then the promoter will have to apply those rules.


    Signé - 14/12/2022

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Belgique Industrie