The European Investment Bank (EIB), the EU bank, is supporting the improvement of infectious diseases diagnostics through a €20 million loan agreement with STAT-Dx (STAT-Diagnostica & Innovation, SL), a Spanish start-up based in Barcelona developing a new molecular diagnostics device capable of identifying a wide range of infectious pathogens, such as meningitis, respiratory or gastrointestinal infections in about one hour.
STAT-Dx’s technology enables clinicians to test simultaneously for the presence or absence of multiple pathogens caused by or associated with specific syndromes, allowing faster diagnostics and improving survival rates in “near-to-care” environments such as intensive care units and emergency rooms.
The EIB loan will be drawn down in two tranches during a 3-year period, with full repayment on the maturity date 5 years ahead.
This agreement will serve to cofinance a 3-year project aimed at enabling faster and more accurate diagnostics that will replace current complex protocols to obtain analytical results.
The DiagCORE system developed by STAT-Dx is a cartridge based single-test solution. By providing instant available results this new technology will enable immediate and well informed medical decisions to be made. The CE-marking of DiagCORE with a respiratory panel application is planned by the end of 2017.
“Innovation and research is a priority of the EU bank,” said EIB Vice-President Ambroise Fayolle at the signing ceremony. “The agreement with the company STAT-Dx illustrates the EIB’s determination to back high risk projects that have a direct positive impact on the lives of citizens benefiting from the most outstanding technology made in Europe.”
Carlos Moedas, Commissioner for Research, Science and Innovation, said: “This loan is an example of how the European Commission employs innovative financing mechanisms to support the fight against major threats to society, such as antimicrobial resistance. With this project, a quick diagnosis will enable better clinical decision making and targeted patient management, and speed up the development of an innovative diagnostics platform for infectious diseases.”
“We are pleased to have received this loan from the EIB, which brings together the strength of public and private financing to accelerate the development and commercialisation of novel diagnostic technologies,” said Jordi Carrera, Chief Executive Officer of STAT-Dx.
“The InnovFin Programme helps bridge an important gap for innovative companies such as STAT-Dx, from early market introduction to commercialisation, which is key to fostering a strong and vibrant industry in Europe that can compete on the global stage.”
Didier Le Normand, Chief Financial Officer of STAT-Dx, added: “EIB joins as a new reputable financing partner to bring STAT Dx, alongside its strong and supportive shareholder base, additional resources for its next stage development.”
Innovation and skills are key ingredients for ensuring sustainable growth and creating high-value jobs. This is why the EIB is a major partner for projects that develop innovation and long-term competitiveness for a growing economy. In 2016, the EIB supported innovation and skills with €13.5 billion of financing.