This article is published in association with European Investment Bank.
- EIB offers Belgium-based medtech Nyxoah €37.5 million in venture-debt financing to develop innovative solutions to treat obstructive sleep apnea.
- Company to use funding for research and development as well as scale-up manufacturing capacity to meet demand in Europe and US.
- Agreement backed by the InvestEU Life Sciences programme.
The European Investment Bank (EIB) is providing venture debt financing to Belgian medical-technology company Nyxoah €37.5 million to develop treatments against obstructive sleep apnea. This transaction aligns with the EIB’s priority objective to boost research and technological innovation, in line with the implementation of EU policies.
Nyxoah is focused on the development and commercialisation of innovative treatments for obstructive sleep apnea (OSA), the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA.
EIB Vice-President Robert de Groot said: “Belgium stands at the forefront of innovation in the area of life sciences and med tech. As the EIB, we take pride in supporting this thriving industry and fostering growth. Nyxoah, with its groundbreaking approach, is making a valuable contribution. We are eager to see the company progressing, benefitting patients worldwide.”
Olivier Taelman, CEO of Nyxoah, commented: “We are excited and grateful for the support and confidence in our cutting-edge technology shown by the European Investment Bank. This loan follows our recent successful equity offering where we raised EUR 48.5 million. Combined, this capital will aid in the commercialisation of Genio in the U.S. and Europe while helping increase production capacity and sustain innovation.”
The €37.5 million facility provided by the EIB is divided into three tranches: €10 million for the first tranche, €13.75 million for the second and 13.75 million for the third tranche. Disbursement under the various tranches is subject to certain conditions.
The EIB offers venture debt to address the unique funding needs of fast-growing innovative companies. Transactions such as the one with Nyxoah provide financing that benefits from the guarantee under the InvestEU Life Sciences programme.
Background information
About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.
Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study for FDA and U.S. commercialization approval.
For more information, please see the Company’s annual report for the financial year 2023 and visit http://www.nyxoah.com/.
About the EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals (amounting to €2.1 billion for projects in Belgium in 2023). The EIB is very active in the life sciences sector, supporting the biotech ecosystem in Belgium (to which it has provided more than €200 million in venture debt financing over the last six years). More information onwww.eib.org and its dedicated venture debt page.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment. More information on InvestEU is availablehere.