- Amadix is a Spanish biotech company developing non-invasive blood tests for early detection of several types of cancer before the symptoms appear.
- The financing is part of the support the EIB is providing to European medtech startups developing cutting-edge medical solutions and contributes to the EIB Group strategic priority of accelerating digitalisation and technological innovation.
- The operation is supported by InvestEU, an EU programme that aims to unlock over €372 billion in investment by 2027.
The European Investment Bank (EIB) has signed a €15 million loan with Spanish company Amadix to support development and commercialization of innovative blood tests for early detection of several types of cancer before the appearance of symptoms. The survival rate of certain cancers such as colorectal cancer, can increase significantly if detected at an early stage.
The EIB financing will support the research, development, and manufacture of Amadix’ products from its leading test, PreveCol, for colorectal cancer diagnosis, to the development of other pipeline products: PancreaDix and DiagnoLung, for pancreatic and lung cancer detection. The loan will also support Amadix´s international expansion plan, the clinical validation of PreveCol in the United States, and stablishing a strong presence of the company in both the European and U.S. markets.
The Valladolid-based startup is a pioneer in applying Artificial Intelligence (AI) to early cancer detection tests. Their technology is based on an algorithm that combines clinical features identified by AI with the analysis of proteins and miRNAs in plasma for early detection of premalignant lesions. The detection and removal of these lesions can effectively prevent cancer from developing.
“This loan shows the EIB’s commitment to support innovative European startups developing breakthrough medical solutions. We are delighted to join forces with research intense stratups like Amadix to expand the range of solutions for early detection of cancer, advance Europe’s plan to beat that illness and support the European medtech industry”. said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo.
The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027. The project contributes to Europe’s Beating Cancer Plan and the EIB Group strategic priority of accelerating digitalisation and technological innovation.
“It is very encouraging to see organizations like the EIB supporting companies like ours contributing to the Europe’s Beating Cancer Plan and supporting our international expansion. It will enable us to bring to the European and US market our disruptive blood tests for early cancer detection. Thanks to the EIB support, more people will have access to innovative solutions such as liquid biopsy to prevent cancer, a leading cause of death worldwide, to live longer and better”, added Rocío Arroyo, Amadix’s founder and CEO.
The investments associated to the project will generate cutting edge scientific knowledge and retaining European scientific acumen. The project will also contribute to Europe’s competitiveness, boosting the innovative capacity of European based life science industries and businesses.
Background information
EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
InvestEU
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.”
Amadix
Amadix is a leading molecular diagnostics company focused on liquid biopsy, developing innovative blood tests for early cancer detection. The company´s mission is to extend people´s lives by developing disruptive technologies that can detect tumours years in advance before the symptoms appear. Amadix´s approach combines molecular data from blood samples with patient’s clinical information, extracted from diagnostic images and electronic medical records. Their technology, based on machine learning algorithms, is designed for use in screening and health prevention programmes, positioning itself as a complementary tool to promote precision medicine and cancer prevention.
