Accelerating the Phase III international collaborative clinical trial in Europe.
Background of the Loan Agreement and Execution
The EIB Venture Debt program is guaranteed by the European Guarantee Fund (EGF), established by 22 EU member countries, aimed at mitigating the economic impact of the pandemic on small and medium-sized enterprises.
This venture debt agreement was finalized in March after over a year of due diligence and negotiations. The loan amount was disbursed once our group fulfilled all the prerequisites for loan execution.
Our group plans to use these funds to promote and accelerate the ongoing Phase III international collaborative clinical trial (Fidelia trial) for the cell therapy product targeting urgent fecal incontinence (ICEF15).
This venture debt agreement was finalized in March after over a year of due diligence and negotiations. The loan amount was disbursed once our group fulfilled all the prerequisites for loan execution.
Our group plans to use these funds to promote and accelerate the ongoing Phase III international collaborative clinical trial (Fidelia trial) for the cell therapy product targeting urgent fecal incontinence (ICEF15).
Comment from Colin Novick, CEO of Innovacell K.K.
“We are pleased to have secured financing from the EIB, establishing a solid financial foundation to advance and complete the Phase III international collaborative clinical trial of ICEF15 for patients with urgent fecal incontinence.
Currently, two specimen collections have already taken place in Spain. We intend to initiate the trial in other European countries as well.”
Currently, two specimen collections have already taken place in Spain. We intend to initiate the trial in other European countries as well.”
Comment from Colin Novick, CEO of Innovacell K.K.
“I am delighted to report the successful completion of the loan withdrawal following the signing of the loan agreement with the EIB. Amid significant economic fluctuations both domestically and internationally—accelerated inflation due to Russia’s invasion of Ukraine, interest rate hikes by the U.S. Federal Reserve, and the depreciation of the yen—this large-scale fundraising in euros serves as an excellent risk hedge for Innovacell.
We will continue to prepare for the achievement of our milestones including the completion of the Phase III international trial and onward towards our IPO.”
We will continue to prepare for the achievement of our milestones including the completion of the Phase III international trial and onward towards our IPO.”
About the European Investment Bank (EIB)
The European Investment Bank (EIB) is the long-term lending institution of the European Union (EU), funded by its member states. Innovation is one of the EU’s policy objectives, and the EIB provides long-term funding for healthy investments that contribute to this goal.
The European Guarantee Fund (EGF) was established by the EIB Group, funded by contributions from Germany and other EU member states, to support businesses suffering from the COVID-19 crisis. By utilizing approximately €25 billion in guarantees from the EGF, the EIB and the European Investment Fund (EIF) can quickly provide loans, guarantees, asset-backed securities, equity, and other financial products primarily to small and medium-sized enterprises. The EGF aims to strengthen the areas of the EU economy most severely impacted by the crisis, as part of a broader recovery strategy providing a total of €540 billion.
The European Guarantee Fund (EGF) was established by the EIB Group, funded by contributions from Germany and other EU member states, to support businesses suffering from the COVID-19 crisis. By utilizing approximately €25 billion in guarantees from the EGF, the EIB and the European Investment Fund (EIF) can quickly provide loans, guarantees, asset-backed securities, equity, and other financial products primarily to small and medium-sized enterprises. The EGF aims to strengthen the areas of the EU economy most severely impacted by the crisis, as part of a broader recovery strategy providing a total of €540 billion.