Sweden: InvestEU - EIB provides €12.5 million to boost BrainCool’s development plan for medical cooling technology

• The EIB will support research, development and innovation to accelerate BrainCool’s medical portfolio.
• The InvestEU-backed loan, will contribute to the development of innovative medical cooling technology that will improve the lives of stroke, cardiac arrest and oncology patients.

The European Investment Bank (EIB) has signed a €12.5 million venture debt agreement with the emerging Swedish medical company BrainCool AB. Operating in the medical cooling market, the company offers a targeted temperature management solution for intensive care patients and is using its in-house technical expertise to expand into other areas of unmet need.

The innovative startup is developing body cooling technologies that have the potential to shift the standard of care in their respective fields and promise significant social benefits for the affected patient groups, medical practitioners and care personnel. BrainCool is building patient-focused solutions in acute care, intensive care and oncology where there has been a lack of tailored technical equipment and clinical evidence. The company is developing technology that will enable immediate temperature management post-stroke and cardiac arrest, as early as at the scene of the incident. By applying early cooling, the outcomes for patients post-stroke and cardiac arrest are expected to be improved as the cooling has the potential to reduce damage to the brain.

The company has also developed a novel solution to prevent oral mucositis — a painful and debilitating inflammatory side effect of some cancer therapies — for oncology patients.

The EIB financing will support the promoter's investments in research, development and innovation (RDI) to accelerate the refining of its medical cooling technology portfolio, perform further clinical studies and develop additional complementary products that can broaden the indications for use, thereby expanding BrainCool’s ability to improve patient outcomes.

“Research, development and innovation within the medical sector is of the utmost importance. However, many small businesses in Europe suffer from a lack of financing options for their growth investments, not the least within the innovative life science sector. Therefore, the EIB is delighted to back BrainCool in their ambitious investment plan to develop ground-breaking medical cooling technology. The support from the EIB will further foster the company’s growth while creating new jobs, contributing to economic growth and competitiveness in EU countries,” said EIB Vice-President Thomas Östros.  

“The loan agreement with EIB further validates BrainCool’s cutting-edge technology with the aim to build a major player in the medical device market. It supports our ambitious plan to create an extensive clinical pipeline of game-changing therapies first in stroke, followed by sudden cardiac arrest and oncology. We welcome the EIB to our committed group of investors as we continue building a leading European medical device company with the potential to transform the treatment of serious diseases,” added BrainCool’s CEO Martin Waleij.

BrainCool AB (publ) is an innovative medical device company that develops, markets, and sells leading medical cooling systems for indications and areas with significant medical benefits within the healthcare sector. BrainCool AB (publ) is based in Lund, Sweden, and its share is listed on Nasdaq First North Growth Market, named “BRAIN.”