NEW YORK (GenomeWeb) – German personalized cancer services company Indivumed said today that it has secured a €40 million ($47.7 million) loan from the European Investment Bank (EIB).
Indivumed said it will use the funding to develop and validate new biomarker assays for use in its biobank business and technology platforms, as well as build an information technology network that provides researchers worldwide with access to cancer patient data and bioinformatic tools.
"The EIB funding together with additional private investments will enable us to create a Global Cancer Database Solution that pools genetic and comprehensive phenomic data from European, North American, and Asian patients," Indivumed Founder and CEO Hartmut Juhl said in a statement. "Using an integrated IT platform, cancer researchers will be able to better understand the complexity of cancer, [and] develop and validate faster and more cost-efficient new drugs and diagnostics."
According to Indivumed, the loan was made with support from the European Fund for Strategic Investments, a joint initiative between between EIB and the European Commission focused on driving strategic investments throughout the EU.