European Investment Bank Finances Innovative Diagnostics Developer Numares Health with €20 Million
Summary
It improves the quality of diagnosing chronic diseases of the kidney, heart and liver, as well as cancer and multiple sclerosis.The AXINON\xae System combines nuclear magnetic resonance (NMR) and artificial intelligence to collect and analyze metabolomic data from blood or urine samples. For example, with Numares technology, rejection reactions following kidney transplantations can be detected sooner and more precisely.Numares will use the EIB financing a quasi-equity facility of 20 million for further research and development. Existing investors will contribute a complementary 20 million for marketing investments to achieve mass commercialization of the proprietary technology products in the EU and U.S.The loan is part of the European Guarantee Funds Venture Debt financing. The EGF Venture Debt product has been designed as an answer to consequences of the COVID-19 pandemic that has deteriorated commercial banks willingness to provide financing for risk investment into innovative technology companies like Numares. With state guarantees of about 25 billion, the EIB will be able to mobilize up to 200 billion to support small and medium-sized companies suffering from the economic fall out of the COVID-pandemic.Numares Health AG is a health care company using AI-enabled technology to develop novel diagnostic tests to help physicians improve care for their patients with chronic diseases, including kidney, cardiovascular, liver and neurologic conditions.Numares develops advanced tests to aid in diagnosis and measurement of disease progression by applying machine learning to metabolomics and other biomarkers.