- First EIB support for medtech investment in Israel
- Financing to accelerate development of rapid testing system to improve infectious disease diagnosis and antibiotics stewardship
- Automated phenotypic testing, revolutionizing infectious diseases diagnostics from sample to answer
REHOVOT, Israel, May 16, 2022 /PRNewswire/ -- Research and development of fully automated testing of bacteria and infectious diseases by POCARED Diagnostics will be accelerated by EUR 22 million of European Investment Bank specialized venture debt formally announced earlier today.
POCARED Diagnostics is currently finalizing development of a new microbiology testing system that has the potential to revolutionize infectious disease diagnosis by providing complete results, including sample screening, organism identification and antimicrobial susceptibility within hours instead of days.
"We are honoured to be selected by the European Investment Bank as the first Israeli medtech company to be supported by the Infectious Disease Financing Facility. The investment will allow POCARED to significantly accelerate development of our diagnostic system and complete the preparations for its clinical trials. POCARED's system will provide real-time results to clinicians, enabling them to optimize treatment of infections and save unnecessary patient suffering while reducing total healthcare costs. For the first time, clinicians will have all the information required to prescribe the most effective antibiotic treatment. This will be a key cornerstone of antibiotic stewardship serving as the main tool for fighting Antimicrobial Resistance (AMR)," says Jonathan Gurfinkel, President and CEO of the company.
"The European Investment Bank is committed to accelerating development of research that strengthens the fight against infectious diseases and reducing the threat of AMR to patients with underlying medical conditions. We are pleased to provide EUR 22 million of new venture debt financing to enhance POCARED's development of rapid microbiology diagnostics solution. Israel is home to world class research and development, and we are pleased to provide the first EIB financing for an Israeli medtech company and build on our strong engagement supporting biotech investment in this country," said Gelsomina Vigliotti, Vice President of the European Investment Bank.
Rapid testing is key for improving patient treatment and fighting Antimicrobial Resistance
The new POCARED test will enable, for the first time, an optimal, evidence based, patient treatment and transform the fight against Antimicrobial Resistance.
Building on EIB track record supporting innovation
The venture debt program of the EIB was established to fill the persistent market gap and increase support for growth stage companies promoting disruptive innovation.
Since 2015, the EIB has deployed more than EUR 3.0bn in venture debt and quasi-equity operations, supporting more than 150 highly innovative companies.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
POCARED Diagnostics Ltd, is an in-vitro diagnostic and pre-analytics company utilizing cutting edge technologies to deliver next generation platforms. POCARED's CULTURE-FREE Microbiology® technology is revolutionizing infectious disease diagnosis and practice with real-time automated results. This saves several critical days in reporting compared to current practices.