€30m European Investment Bank backing for Irish company

€30m European Investment Bank backing for Irish company

The European Investment Bank yesterday agreed a EUR 30 million facility to support investment by Dublin based biotech company, Nuritas, to further increase and accelerate development of artificial intelligence and DNA analysis to improve global healthcare.

Representing the first direct EIB financing for an Irish biotech company, the new support will allow the company to access tranched financing as required to scale up the development of the rapidly growing company. 

Future investment by the company backed by the EIB will scale up development of new therapeutics in areas of interest including anti-aging, anti-inflammatory and diabetes treatment.

Since starting operation in 2014 Nuritas has developed proprietary artificial intelligence and DNA analysis to greatly enhance the accurate analysis of molecules and peptides in food. The new technology is significantly faster with unparalleled accuracy compared to traditional methods of discovery.

Nuritas is the first Irish biotech company to benefit from the European Investment Bank’s new  financing initiative, the European Growth Finance Facility.

Commenting on the investment, CEO of Nuritas, Emmet Browne said, "As a proud European company, we are delighted to be Ireland’s first biotech company to benefit from such insightful support which really delivers a potent signal of the regions desire to drive truly disruptive innovation. We have already received outstanding and smart investment across three continents including the Irish government via Enterprise Ireland. The European Union’s recognition through this facility allows us to accelerate our existing strategy whilst also significantly broadening our capabilities in new areas such as novel drug discovery."

European Investment Bank Vice President, Andrew McDowell added, "Our goal is to find innovative and fast-growing companies so that we ensure they can benefit from access to long-term financing under the new initiative and Nuritas fits this bill perfectly. We look forward to working with other innovative and fast growing companies to ensure they can benefit from access to long-term financing under the new initiative. This new EUR 30 million support from the European Investment Bank will enable Nuritas to expand and commercialise even faster."

Source: www.businessworld.ie