Cellnovo

About the deal

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 Executive 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 mobilize 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 utilized 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 authorizations in the United States and Europe.