Affibody Medical AB has obtained a €20 million ($21.2 million) enterprise debt mortgage facility from the European Funding Financial institution, EIB, backed by the InvestEU program.
The funding will help Affibody’s analysis and improvement actions in Europe of the next-generation biopharmaceuticals focusing on unmet medical wants within the immunology and oncology fields.
“We’re more than happy and grateful for the help of the EIB, which can assist concretize the highway towards the primary potential market approvals of a brand new class of biologicals that may enhance and extend life for various affected person teams,” stated David Bejker, CEO of Affibody.
The mortgage facility settlement is split into three tranches, every with a maturity of 5 years, which can grow to be accessible if the corporate satisfies sure circumstances precedent together with reaching particular enterprise, analysis, and improvement milestones. If the corporate makes use of the mortgage facility, the EIB shall be entitled to warrants along with the curiosity on the mortgage quantity.
“Supporting promising biotech corporations at scientific stage is essential for furthering the competitiveness of Europe’s well being and life science sector,” stated EIB vice chairman Thomas Östros, accountable for Sweden.
“This mission is properly aligned with EIB’s funding technique and our intention to help extremely modern biotech corporations, creating breakthrough life science merchandise, which have the potential to remodel and significantly enhance folks’s lives. As such, we’re happy to help Affibody’s cutting-edge analysis into therapeutic options for most cancers and inflammatory ailments, serving to the corporate develop the following technology biopharmaceuticals.”