SPINDIAG (COVID-19) (IDFF)

Promoter – Financial Intermediary

SPINDIAG GMBH

Location

• Germany

Description

The aim of the project is to improve the company's new COVID-19 PCR-based rapid test and to develop rapid tests against other infectious diseases, such as the ones caused by respiratory or antibiotic-resistant pathogens.

Additionality and Impact

The project finances an innovative medical devices company, which aims at further developing and marketing an innovative point-of-care testing device to the molecular diagnosis field especially in areas of high European interest, e.g., infectious diseases and Anti-Microbial Resistance.

It is in line with the objectives of the Horizon Europe programme.

By creating knowledge externalities, the project will provide significant socio-economic benefits, strengthen German and European's leading position in medical technologies and it will also help to retain skilled staff engaged in the Company's R&D activities.

EIB financing is complementary to the current investors and would crowd-in other capital.

The EIB expertise is relevant in this quasi-equity transaction, as it involves a highly customised structuring component, as well as monitoring throughout the project timeline.

Objectives

EIB financing will support and accelerate the research, development and innovation (RDI) efforts conducted by the Promoter to improve a new PCR-based diagnostic device and kit for rapid COVID-19 testing, as well as to develop fast, simple and reliable tests for other infectious diseases, targeting multiple pathogens, including the ones responsible for antimicrobial resistance.

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

EUR 15 million

Total cost (Approximate amount)

EUR 33 million

Environmental aspects

The project concerns investments in research and development activities carried out by the Promoter in existing facilities already authorised for the same purpose and would therefore not require an environmental impact assessment (EIA) under the Directive 2014/52/EU amending the EIA Directive 2011/92/EU. Full environmental details will be verified during the appraisal by the EIB regarding the compliance of the project with the relevant European legislation.

Procurement

The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is after all subject to the EU public procurement legislation (Directive 2014/24/EU, where applicable), then the Bank would require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU, where applicable, as well as Directive 89/665/EEC), as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

Status

Signed - 12/10/2022