Paris, France, July 10, 2017 – The European Investment Bank (EIB) and Cellnovo Group (“Cellnovo” or the “Company” CLNV:EN Paris), a medical technology company marketing the first mobile, connected, all-in-one diabetes management system, announce that they have concluded a loan agreement for €20 million (“the Agreement”) to support Cellnovo in its transition to full industrial-scale operations. The Agreement was signed on July 7, 2017 at EIB’s office in Paris, in the presence of Ambroise Fayolle, EIB Vice-President, and Sophie Baratte, Chief Èxecutive Officer of Cellnovo.
The loan is supported by the European Fund for Strategic Investments (EFSI), which is the central pillar of the European Commission’s Investment Plan for Europe, the so-called “Juncker Plan ». Jointly launched by the EIB Group and the European Commission, the Juncker Plan aims to mobilise private investment in projects and sectors such as research and innovation which are strategically important for the European Union. It provides equity-type financing for early stage companies with high growth potential.
The EIB financing will be utilised by the Company to improve the design of the current Cellnovo System with the objective of reducing production costs. The investment will also finance additional production lines as well as multi-centre clinical trials of artificial pancreas solutions in order to obtain clinical data with a view to receiving market authorisations in the United States and Europe.
“EIB is very proud to be contributing to the success of Cellnovo through this new Juncker Plan financing. The Juncker Plan is continuing to develop in France with 70 operations approved to-date, which are expected to generate €27,6bn of additional investment,” commented EIB Vice-President Ambroise Fayolle. ”This signature underlines our commitment to supporting the development of innovative, high value-added companies in Europe. Innovation, particularly in healthcare, is essential to the sustainability of companies, this is why it is a key priority for EIB to support them. In addition, we offer tailored financial products to enable innovative companies such as Cellnovo to pursue their strategy and development.”
Sophie Baratte, Chief Executive Officer of Cellnovo, commented: “We are delighted to sign this loan agreement with the EIB, which provides further recognition of Cellnovo’s position as a leader in the development of innovative technologies in diabetes. Our unique diabetes management system is the result of a rigorous development process aimed at improving the quality of life for peope with type 1 diabetes. This financing will help us to accelerate our research and development projects, as well as increasing our production capacity to meet strong market demand for our connected micro-pump.
About the European Investment Bank
The European Investment Bank (EIB), whose shareholders are the member states of the European Union (EU), is the EU’s long-term financing institution. It provides long-term financing for high-quality investments which contribute to the major objectives of the EU. The Bank owes its reputation in financial markets to the exceptional quality of its assets, the solidity of its finances, the unstinting support of its shareholders, the caution with which it manages its funds and risks and its high-performance strategy for attracting new investment.
Since 2012, on the strength of its expertise and the financial attraction of its AAA rating, the EIB Group has virtually doubled its volume of activity in France – reaching EUR 9.3bn in 2016 – in support of SMEs and innovation but also by financing investment in strategic sectors for the future such as climate action, energy, health, and youth education and training infrastructure.
Follow the EIB Group: www.eib.org – Twitter: @eib
About the Investment Plan for Europe
The Investment Plan for Europe, the so-called Juncker Plan, is one of President Jean-Claude Juncker’s top priorities. It focuses on boosting European investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects.
The European Fund for Strategic Investments (EFSI), dubbed the Juncker Fund, is the central pillar of the Investment Plan. It provides a first loss guarantee, allowing the EIB to invest in more, often riskier, projects. The EFSI is already showing concrete results. The projects and agreements approved for financing under the EFSI so far are expected to mobilise around EUR 209 billion in total investments and support some 427,000 SMEs across all 28 Member States.
In September 2016, President Juncker proposed to extend the EFSI by increasing its firepower and duration as well as reinforcing its strengths. You can find the latest EFSI figures by sector and by country here.
An independent medical technology company specialising in diabetes, Cellnovo has developed and markets the first mobile, connected, all-in-one diabetes management system that helps make life easier for patients. Compact, intuitive and entirely connected, Cellnovo’s insulin pump comprises a mobile touchscreen controller with an integrated blood-glucose meter. This unique device allows optimal management of insulin injections whilst ensuring extensive freedom of movement and peace of mind for patients. Thanks to the automatic transmission of data, it also allows the patient’s condition to be continually monitored by family members and healthcare professionals in real time. Cellnovo is currently participating in several major Artificial Pancreas projects with Diabeloop, TypeZero and Horizon 2020 to develop automated insulin delivery systems.
For further information please visit www.cellnovo.com
About the Cellnovo Diabetes Management System
Compact, intuitive and entirely connected, Cellnovo’s insulin pump comprises a mobile touchscreen controller with an integrated blood-glucose meter. This unique device allows optimal management of insulin injections with drop-by-drop precision, whilst ensuring extensive freedom of movement and peace of mind for patients. Thanks to the automatic transmission of data, it also allows the patient’s condition to be continually monitored by family members and healthcare professionals in real time.