This is the second tranche of growth capital loan signed with the European Investment Bank in May 2019. The new funds will be used for the development, manufacture and commercialisation of in vitro diagnostics for infectious diseases
Mobidiag, a revenue generating, molecular diagnostics company with complementary platforms that address antimicrobial resistance and other areas of unmet diagnostic need, has received the second tranche of €10M from the €25M growth capital loan signed with the European Investment Bank Group (EIB) in May 2019. These new funds will be used to advance Mobidiag’s research and development and facilitate validation and commercialisation of new molecular diagnostics tests using the company’s Amplidiag and Novodiag platforms.
The loan is supported by the European Fund for Strategic Investments (EFSI), the main pillar of Investment Plan for Europe, through the European Growth Finance Facility (EGFF) initiative. This is the second operation between Mobidiag and EIB, following the first loan in 2016 for €15M.
Tuomas Tenkanen, CEO of Mobidiag, commented: “Thanks to the EIB’s continued support and endorsement of our strategy, Mobidiag has developed an extensive portfolio of innovative diagnostic solutions for gastrointestinal and respiratory infections, such as COVID-19, healthcare associated infections and antimicrobial resistance management. The continued adoption for routine use of our Amplidiag and Novodiag platforms by key laboratories throughout Europe means that we are constantly working to ramp up our manufacturing capacities in order to meet this growing demand.
“The EIB has contributed significantly to the growth of Mobidiag since 2016 and this second loan is invaluable in helping us to facilitate our rapid growth, enabling us to become a key player in the diagnostics market.”
Photo credit: Scott Graham