In vitro point-of-care (PoC) diagnostics company, Biosurfit has drawn down a second €6m tranche from a €12m loan signed with the European Investment Bank in November 2015, to fund a move to industrial scale manufacturing and the rapid commercial roll-out of its spinit PoC device.
Commercially launched in 2014 by the Lisbon-based Biosurfit, Spinit provides fast, easy-to-use blood analysis for medical testing in the point-of-care setting.
Biosurfit will use the funds to support the ongoing commercialisation of Spinit in key EMEA markets and to progress the regulatory approval processes in other new markets.
Together with additional Portuguese grants, the EIB funds will accelerate the company’s transition to industrial-scale manufacturing through the construction and commission of a manufacturing facility in Azambuja, approximately 50km from Lisbon. The 4,500m2 facility with an ISO Class 7 cleanroom, will be modular in design to allow for rapid construction and flexibility for future expansion. Initially, it will include 2,500m2 of space for automated manufacturing of Spinit instruments and disposable discs and 1,000m2 of R&D lab space.
João Garcia da Fonseca, CEO of Biosurfit, said: “We are very pleased with the high level of customer interest in, and take-up, of the Spinit device. This, and the expected launch of our new lipids and inflammation panels during 2017, necessitates us upgrading our manufacturing capacity. The EIB funds will support the construction and commissioning of this facility and our continued commercial roll-out in both existing and new markets, including the USA and Asia, following the necessary regulatory approval.”
Biosurfit’s investment programme is supported by “InnovFin – EU Finance for Innovators” MidCap Growth Finance, with the financial backing of the European Union under Horizon 2020 Financial Instruments. InnovFin is a range of EIB Group products designed to facilitate access to finance for innovative businesses.
InnovFin MidCap Growth Finance offers long-term senior, subordinated or mezzanine loans ranging from €7.5m–25m for innovative larger midcaps (up to 3,000 employees) but also SMEs and small midcaps.
