Mobidiag Receives Final €4M Tranche of €15M EIB Financing
ESPOO, Finland--(BUSINESS WIRE)--Nov 15, 2018--Mobidiag Ltd., a commercial stage molecular diagnostics company addressing the spread of antimicrobial resistance, announced today that it has received the final €4M tranche of a €15M three-year project secured by the Company from the European Investment Bank Group (EIB) in July 2016. The loan was provided as part of “InnovFin – EU Finance for innovators” programme, an EIB initiative aimed at providing innovative and high quality companies in Europe with access to finance.
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The EIB funding has already enabled Mobidiag to finalize, launch and commercialize its Novodiag® molecular diagnostic system and two assays for detection of gastrointestinal infections ( Novodiag® and Novodiag® Bacterial GE+ ). The final tranche will enable the Company to continue growing its product portfolio, accelerate the development of further assays for the Novodiag® system and enhance its manufacturing capabilities, as well as continuing to facilitate Mobidiag’s commercial expansion into additional markets.
Tuomas Tenkanen, CEO of Mobidiag, commented, “Thanks to the EIB’s continued support and endorsement of our strategy, Mobidiag has received the resources needed to progress our state-of-the-art platforms and assays through to commercialization, building significant value. The EIB funding has been critical in enabling us to reach a number of operational and technical milestones that are crucial to our development as a Company, including the implementation of a high capacity Novodiag® cartridge manufacturing line, a cutting-edge automation platform developed specifically for Mobidiag, which has added significant upscaling capacity.”
About Mobidiag Ltd
Mobidiag is a commercial stage, fast growing molecular diagnostics company whose affordable, widely applicable and robust technology makes the power of molecular diagnostics available to address the spread of antimicrobial resistance (AMR) by rapid detection of pathogens and their potential resistance to antibiotics. Through its Amplidiag ® and Novodiag ® solutions, Mobidiag offers a comprehensive range of fast, reliable and cost-effective molecular diagnostic solutions for the detection of infectious diseases to laboratories of all sizes.
Mobidiag is headquartered in Espoo, Finland, with subsidiaries in France, UK and Sweden. To learn more, visit www.mobidiag.com
About EIB and InnovFin
The European Investment Bank (EIB) is the only bank owned by and representing the interests of the European Union Member States and strives to make a significant contribution to growth and employment in Europe. The “InnovFin - EU Finance for innovators” programme consists of a series of integrated and complementary financing tools and advisory services offered by the EIB Group, covering the entire value chain of research and innovation in order to support investments from the smallest to the largest enterprise.
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KEYWORD: EUROPE FINLAND
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY INFECTIOUS DISEASES MEDICAL DEVICES OTHER HEALTH PROFESSIONAL SERVICES FINANCE GENERAL HEALTH
SOURCE: Mobidiag Ltd.
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PUB: 11/15/2018 01:30 AM/DISC: 11/15/2018 01:30 AM