Imperial Innovations secured another loan facility from the European Investment Bank (EIB) to support the company’s investments in the UK biotech and life science sector. This €71.3M (£50 million) funding follows a previous €42.9M (£30 million) loan granted by the EIB in July 2013.
The European Investment Bank, which last year provided €13.3Bn to enhance investments and to support innovation, is committed to encourage research investment throughout Europe. This is also valid for the UK, as the EIB’s action demonstrates the strong cooperation between the European organism and Imperial Innovations.
The loan facility is available for a period of two years and is repayable over a maximum nine year period following the date of the first draw down. Russ Cummings, Chief Executive Officer of Imperial Innovations explained that the company has been able to execute the loan plan in just two years, instead of the original four-year period. This success has been achieved thanks to the increasing maturity of Innovations’ portfolio, as well as the rich opportunities derived from its extensive network of academics, entrepreneurs, management teams and co-investors within the “Golden Triangle” of London, Oxford and Cambridge.
The new loan is part of the dedicated InnovFin initiative to improve access to finance for research and innovation and will enable Innovations to think bigger and scale its investments in both existing and new portfolio companies. The investment company has set a benchmark for transforming cutting-edge research into some of the UK’s most exciting early stage biotech and medtech companies, such as the successful Circassia. A great commitment that Innovations, we all hope, will keep on doing.