Denmark

Danish med-tech company IO Biotech has signed a €57.5 million venture debt deal with the European Investment Bank. The debt facility includes three committed tranches totalling up to €37.5 million, which will become available if the company satisfies certain conditions, and one uncommitted accordion tranche of €20 million. The clinical-stage biopharmaceutical company is developing novel, immune-modulating cancer vaccine therapies based on an innovative proprietary technology platform. The company will mainly use the financing for the development and market launch of IO102-IO103, an immunotherapeutic cancer vaccine to treat melanoma, with a view to employing the vaccine more broadly against other types of cancer. The EIB financing is supported by the European Commission’s InvestEU programme.

Med-tech company Norlase, a spin-out of the Technical University of Denmark (DTU), has signed a €20 million venture debt financing with the European Investment Bank (EIB). The funding will support the expansion of Norlase’s innovative ophthalmic laser technology, reinforcing Denmark’s position as a hub for world-class med-tech innovation. Ensuring that European companies developing critical technology have the possibility and funding to grow in the EU, is an important building block in European strategic autonomy. The EIB financing is supported by the European Commission’s InvestEU programme.

The European Investment Bank Group, consisting of the European Investment Bank and the European Investment Fund, invested a record €2.1 billion in Danish projects last year, a record volume in the country. Worldwide, the EIB Group investment also reached a record level of €88.8 billion, of which no less than €50.7 billion in climate and environmental financing.