Fast, life-saving tests for small labs
Finnish firm Mobidiag has received a EUR 25-million European Investment Bank (EIB) loan to accelerate development and commercialisation of its fast, life-saving tests for small laboratories. The support, provided under the European Fund for Strategic Investments, adds to a previous EUR 15 million EIB loan extended under the InnovFin Infectious Diseases Finance Facility under the EU's Horizon 2020 programme.
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Updated on 19 June 2019
Mobidiag, a molecular diagnostics company, has been developing systems to advance the diagnosis of infectious diseases for laboratories of all sizes since 2008. It is headquartered in Espoo, Finland, and has a subsidiary in Paris.
The firms Amplidiag family of tests enables large laboratories to detect gastrointestinal infections and antibiotic resistance.
The new four-year loan is supported by the European Fund for Strategic Investments (EFSI) through the European Growth Finance Facility. It will fund further validation and commercialisation of molecular diagnostics tests on the Amplidiag and Novodiag platforms.
Researching and developing ways to stop the spread of infectious diseases is hugely important work but it comes at a high cost, says European Commission Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen. With the support of the EFSI guarantee, the EIB can lend Mobidiag the financing it needs to realise its ambitions and make the world a safer and healthier place to live.
Mobidiags Novodiag range offers automated, on-demand solutions for small laboratories. It is particularly useful in cases where immediate detection of infectious diseases is crucial.
Amplidiag is a great success in Nordic countries, where we have closed long-term agreements with large private and public laboratories. We are now moving into France and the UK, says Mobidiag CEO Tuomas Tenkanen.
Tenkanen explains that Amplidiag is a platform that can run up to 48 stool samples and provide results after two and a half hours. For Novodiag, the time will be reduced to one hour, he adds.
Like Amplidiag, Novodiag tackles antibiotic resistance. It does this by identifying resistance to two widely used types of antibiotics: carbapenem and colistin. Its ease of use minimises risks from human error or fatigue, thereby ensuring accuracy and consistency. A tired laboratory technician at 3 a.m. can run these tests just by following some simple steps that take a few minutes, says Tenkanen.
For Tenkanen, InnovFin is valuable in a variety of different ways. Firstly, it fills a gap for companies developing new products as when you get to the commercialisation stage there arent many funding sources out there, he says. Secondly, the process for obtaining the funding is so thorough that afterwards it becomes much easier to find further financing elsewhere. This has certainly been our experience.