- Spindiag will use the EIB loan for further developing and commercialising its rapid PCR testing platform, addressing SARS-CoV-2 and other major infectious pathogens.
- The EIB loan of €15 million is covered by the Infectious Diseases Finance Facility of the European Union.
Freiburg/Breisgau, Germany, October 13, 2022 – The European Investment Bank (EIB) is providing a loan of €15 million for Spindiag GmbH, a young in vitro diagnostics company focused on keeping patients and hospitals safe from pathogens causing infectious diseases. The EIB-funded project finances the further development of Spindiag’s PCR-based diagnostic testing platform to be used in healthcare facilities, for example in hospitals.
Spindiag’s fully automated Rhonda PCR system consists of an analyser, the so-called Rhonda player with an insertable test cartridge, the Rhonda disk. The innovative platform provides reliable, laboratory-grade PCR test results in well under one hour, making it easy to integrate into everyday clinical practice.
The system was developed for accurate infection control at the point of care, like in the emergency departments or wards of hospitals with the goal to protect patients and healthcare professionals from potentially hazardous pathogens. The test procedure is simple and highly user-friendly: swab samples can be inserted directly into the test cartridge without manual pipetting — it also already contains all the reagents required for testing. This saves time and reduces the potential risk of infection for users to a minimum.
The EIB funding will be used for research, scaling-up of production and expanding from Germany into further European markets. The transaction takes place under the European Union’s Infectious Diseases Finance Facility (IDFF), an innovative high risk-taking financial instrument established under the EU programme InnovFin. The IDFF enables the EIB to fund high-risk projects, where the risk is linked to the successful development of a compound, drug or medical device, and to its future commercialisation. The EIB’s risk is fully covered by the European Commission.
The current Rhonda test portfolio includes a PCR test for SARS-CoV-2, a combination test for the differentiated detection of SARS-CoV-2, Influenza A, Influenza B and the Respiratory Syncytial Virus (RSV), plus one test for Methicillin-resistant Staphylococcus aureus (MRSA), a drug resistant bacterium. The company plans to further extend its testing platform to detect up to 36 pathogens in less than one hour in the future.
EIB’s Vice-President Ambroise Fayolle, who is responsible for the EU bank’s operations in Germany, says: “The EIB supports Spindiag’s research because infectious pathogens in hospitals have become a challenge that has to be addressed with innovative approaches, such as that of Spindiag. The IDFF instrument under InnovFin has proven itself useful in medical research.” (tbc)
Spindiag CEO and Co-founder Daniel Mark said: “By simply providing diagnostic results, Spindiag is providing an innovative infection control solution. We are pleased that the EIB has recognised the potential of Rhonda and supports us in addressing the threat of infectious pathogens for healthcare professionals and patients. The EIB capital helps Spindiag in the all-important development of further tests in infection control, ensures expanded production capacities and will help us to implement commercial expansion plans more quickly.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB’s activities focus on the following priority areas: climate and environment, development, innovation and skills, small and medium-sized businesses, infrastructure and cohesion. The EIB works closely with other EU institutions to foster European integration, promote the development of the EU and support EU policies in over 140 countries around the world.
The InnovFin Infectious Diseases Finance Facility (IDFF) provides financial products ranging from standard debt to equity-type financing for amounts typically between €7.5 million and €75 million to innovative players active in developing or manufacturing innovative vaccines, medicines, medical and diagnostic devices or novel research to combat infectious diseases. Project costs may include laboratory-validated technologies, which require clinical testing for further development, in addition to complementary pre-clinical research. The product is available directly through the European Investment Bank.
Spindiag GmbH is an in vitro diagnostics startup based in Freiburg/Breisgau, Germany. The company was founded in 2016 by a team of internationally renowned experts in the fields of microfluidics, lab-on-a-chip technology, and life sciences as a spin-off from Hahn-Schickard and the University of Freiburg. Spindiag aims to provide rapid diagnostic results in a simple manner: its PCR-based rapid testing system Rhonda offers healthcare professionals in hospitals and other healthcare facilities a sustainable platform for reliable infection control at the point of care. With a multidisciplinary team of more than 100 employees at three local sites, Spindiag develops and commercialises its testing system based on proprietary microfluidic technology. Spindiag has already received numerous awards, including from healthcare experts such as B.Braun in the CODE_n contest and Techniker Krankenkasse together with Handelsblatt in the health-i competition. The company is certified according to EN ISO 13485.
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