TISSIUM Secures €7M State Guaranteed Loan
PARIS--(BUSINESS WIRE)--TISSIUM, a privately-owned medtech company developing biomorphic programmable polymers for tissue reconstruction, announced today it has secured a €7M state-guaranteed loan (Prêt Garanti par l’Etat, or PGE). The loan was awarded by BNP Paribas, CM-CIC and bpifrance.
Initiated by the French Government to support companies during the COVID-19 crisis, the PGE is a bank loan with a fixed interest rate ranging from 0.25% and 1.75%. After an initial interest-only term of one year, the loan can be amortized over up to five years at the option of the Company. The French government guarantees 90% of the borrowed amount.
Christophe Bancel, CEO of TISSIUM, said, “The loan financing that has been awarded TISSIUM as a result of the PGE program will allow us to further extend the runway at TISSIUM and support our ongoing research and development activities. As a result, we expect to continue our operations without interruption regardless of the effect this difficult economic environment has had on the business.”
TISSIUM is a privately-owned medtech company based in Paris, France that is dedicated to the rapid development and commercialization of a unique biopolymer platform to address various unmet clinical needs.
The company’s platform is based on a proprietary polymer family with unique properties including the ability to conform to and integrate with surrounding tissue to enable tissue reconstruction. Furthermore, the polymer building blocks enable customization to match tissue-specific requirements for different therapeutic areas. The company is developing a portfolio of solutions for peripheral nerve, gastrointestinal, ENT and cardiovascular applications. The company also develops delivery and activation devices for enhanced performance and usability of its family of polymers.
TISSIUM’s technology is based on world-class research and intellectual property from the laboratories of Professor Robert Langer (MIT) and Professor Jeffrey M. Karp (Brigham and Women’s Hospital), who co-founded the company in 2013. For more information, please visit: www.TISSIUM.com and @TISSIUMtech.