Anaconda Biomed to close a venture debt of up to 10M€ by the EIB to treat acute ischemic stroke (AIS)

• 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
• 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 by providing Anaconda Biomed, a Barcelona-based medical device start-up, 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. This is the second venture debt operation in Spain backed by the 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, stroke is a leading cause of severe long-term disability. Anaconda Biomed is developing the next generation of catheters to perform safe and efficient mechanical thrombectomies to restore blood flow in patients suffering from ischemic stroke. The company’s 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, the M1 and M2 segments of the middle cerebral artery, and the basilar, posterior cerebral and vertebral arteries.

What makes the Anaconda Biomed device unique is its self-expanding covered funnel  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 favorable 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. The EU bank’s support will also allow Anaconda Biomed to finalize the development and the regulatory path to validate the treatment by both the European Notified Body and the U.S. Food and Drug Administration.

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 percent of the total workforce and 10 percent of its GDP. The EU bank supports healthcare projects that aim to ensure universal access to high-quality and affordable services. This agreement follows the ones recently signed by the EIB in Spain with Ferrer, Minoryx, Sanifit and Grifols.

“According to the WHO, stroke is one of 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 to small and medium-sized companies (SMEs) and to the health sector, mobilizing up to €200 billion into the real economy,” said EIB Vice-President Ricardo Mourinho Félix.

“Anaconda Biomed is very excited to have the EIB join forces with our current investors to finance the development of our second generation of ANA catheter. This latest generation is designed to combine the clinical efficacy of the first generation, demonstrated in the SOLONDA study, with an improved navigability and ease of use. We are confident in reaching our mission of providing the best thrombectomy system to healthcare professionals,” said Anaconda CEO François Salmon.

About the European Investment Bank (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 objectives.

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.

About Anaconda Biomed S.L.

Anaconda Biomed is a medical technology company dedicated to developing next generation thrombectomy systems for ischemic stroke treatment. 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. For more information, visit https://anaconda.bio/.