EUR 10 million to med-tech hub to develop diagnostics equipment – Wolf Theiss advises the European Investment Bank

The Wolf Theiss Warsaw team advised EIB on drafting and negotiating the finance contract and other documentation related to the financing. The team was led by Partners Przemek Kozdój and Jacek Michalski, and was also supported by Jakub Pietrasik, Senior Associate, who specialises in new technology law and solutions for production, industrial and technological companies and start-ups.

Scope Fluidics S.A. develops innovative products for medical diagnostics for global health challenges. The firm uses microfluidic technologies for the rapid characterization of the antibiotic resistance of bacteria and detection of pathogens, including COVID-19. Their current technologies include PCR|ONE, which targets healthcare-associated infections and infection control, and BacterOMIC, which is the first of its kind to offer full and actionable information for precision antibiotic therapies. It is expected that the use of such methods will improve the standard of care and the effectiveness of the fight against the current pandemic.

The financing for Scope Fluidics S.A. comes from a joint European Commission and EIB initiative, the Infectious Diseases Finance Facility (IDFF), backed by the Horizon 2020, the EU Research and Innovation programme 2014-2020.

Scope Fluidics S.A. was advised by CMS. Our cooperation with other parties in this matter ran efficiently and effectively, which fostered the successful course of the project. As a result, the project was closed within an ambitious timeframe.

“I am very proud to have advised EIB on financing a company that fights COVID-19 and can make a positive difference. We are happy that with our professional experience we could contribute to this great undertaking on research and implementation of diagnostic devices that will ultimately protect peoples’ lives”, stated Przemek Kozdój.

This transaction is important and significant for many reasons. Scope Fluidics S.A.’s project also has the potential to create new jobs in the Polish and EU job markets for highly skilled professionals in research and development. It will be the first project in Poland under the IDFF. Fourteen European operations have been signed under the IDFF so far, for a total amount of EUR 372 million. In order to more effectively tackle the outbreak of COVID-19, the IDFF has been further bolstered by EUR 400 million.