It was announced today that a future medical technology investment by Galway based Aerogen will be supported by a EUR 30 million loan agreed with the European Investment Bank highlighted at the first sector focused EIB-IBEC financing workshop.
The new loan to Aerogen is the first direct lending to a medtech company under the EIB’s EUR 150 million Irish corporate financing initiative. The programme enables the European Investment Bank to provide direct loans to mid-cap companies across the country for the first time and streamline the appraisal of financing applications.
Aerogen specialises in more efficient drug delivery using aerosol technologies, that both reduces drug use and overall hospital emissions. The EIB loan will be used by Aerogen to back more than EUR 60 million of new investment. This will expand research and development of new medical technologies by the world-leading drug delivery company, as well as expand manufacturing facilities in Galway.
The new EIB financing will help to accelerate business development by Aerogen and further strengthen research and development by the company, including in specialist pharmaceutical fields. It is expected that 50 new jobs will be created in Galway following expansion of Aerogen research and manufacturing facilities backed by the new EIB loan.
European Investment Bank Vice President, Andrew McDowell said, "The new EUR 30 million European Investment Bank loan agreed with Aerogen is the first direct medtech financing under the EIB’s streamlined corporate lending programme for Ireland. This investment will both help to improve medical treatment by patients using Aerogen technology and create new specialist jobs in Galway."
He added, "Following this agreement we look forward to working with Ibec and other Irish partners to ensure that other leading companies across Ireland can benefit from financing under the initiative and expect to announce new support for leading Irish medtech firms shortly.”