- EIB to provide venture debt funding of up to €10 million to support the development of Anaconda’s next generation of catheters to treat acute ischemic strokes (AIS).
- This venture debt operation is supported by the European Guarantee Fund (EGF) — part of the €540 billion EU response to the economic impact of COVID-19.
The European Investment Bank (EIB) has taken a further step forward in backing the Spanish and European biomedical sector. To this end, the EIB will provide Anaconda Biomed, a Barcelona-based medical device startup, with venture debt funding of up to €10 million to support the development of its second generation of catheter for the treatment of acute ischemic stroke (AIS). This is the second venture debt operation in Spain backed by European Guarantee Fund (EGF) — part of the €540 billion EU response to the economic impact of COVID-19.
According to the Centers for Disease Control and Prevention, strokes are a leading cause of serious long-term disability and Anaconda Biomed is developing the next generation of catheters to perform safe and effective mechanical thrombectomies to restore blood flow in patients suffering from ischemic stroke. The ANA (Advanced Neurovascular Access) device is designed to treat, in conjunction with a stent retriever, specific neurovascular vessels suffering from occlusion, such as the internal carotid artery (ICA), the M1 and M2 segments of the middle cerebral artery, the basilar, the posterior cerebral and the vertebral arteries.
The big novelty of the catheters developed by Anaconda comprises a self-expanding funnel-covered stent that once deployed reaches the diameter of the artery to fully entrap and aspirate the clot from the obstructed vessel.
Thanks to the European Guarantee Fund’s venture debt, the EIB will provide long-term funding at favourable rates with flexible repayment. This will enable Anaconda Biomed to test the next generation of catheters to improve endovascular treatment for patients suffering from ischemic stroke, thus reducing disability and mortality rates. In concrete terms, the EU bank’s support will allow Anaconda Biomed to finalise development and the regulatory path to validation of the treatment by both the European Medicines Agency (EMA) and the Food & Drug Administration in the United States.
The thrombectomy market is estimated at €940 million annually and is expected to grow to €1.34 billion by 2025. Altogether, the healthcare sector plays an important role in the EU’s economy, accounting for 8% of the total workforce and 10% of its gross domestic product (GDP). As the EU bank, we support healthcare projects that aim to ensure universal access to high-quality and affordable services. This agreement follows those recently signed by the EIB in Spain with Ferrer, Minoryx, Sanifit and Grifols.
“According to the World Health Organization, strokes are among the main causes of death across the world, killing more than 5.5 million people per year. As the EU bank, we are proud to join forces with Anaconda Biomed to improve the lives of patients suffering from acute ischemic strokes and to significantly reduce disability and mortality rates. Thanks to the European Guarantee Fund, the EIB will scale up its support for small and medium-sized companies (SMEs) and the health sector, mobilising up to €200 billion for the real economy,” said EIB Vice-President Ricardo Mourinho Félix.
“At Anaconda, we are very excited to have the EIB joining forces with our current investors to finance the development of our second generation of ANA catheter. This latest generation should combine the clinical efficacy of the first generation, demonstrated in the Solonda study, with improved navigability and ease of use. We are confident we will achieve our mission of providing the best thrombectomy system to healthcare professionals,” said Anaconda CEO François Salmon.
Background information:
The European Guarantee Fund (EGF) was set up by the EIB Group with contributions from Spain and other EU Member States to shield companies suffering from the COVID-19 crisis. Using nearly €25 billion in guarantees, the EGF allows the EIB and the EIF to quickly make loans, guarantees, asset-backed securities, equity and other financial instruments available to mostly small and medium-sized enterprises and mid-caps. The EGF is part of the European Union’s recovery package aiming to provide a total of €540 billion to boost those parts of the EU economy that have been hit the worst.
Anaconda Biomed S.L. is a medical technology company dedicated to developing next generation thrombectomy systems for the treatment of ischemic stroke. Its flagship product is the Advanced Neurovascular Access (ANA) device.
Anaconda Biomed has received funding from leading life science investment firms Ysios Capital, Omega Funds, Innogest, and Asabys Partners, as well as Banco Sabadell and private investors. The company has also received public support from Enisa, Neotec (CDTI), and EIT Health public grants. The ANA Catheter System is an investigational device and is not available for sale in the United States.