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Nightingale secures EUR 20 million in funding

Fellow Finns Jyrki Katainen (left), vice president at the European Commission, Alexander Stubb and Teemu Suna pose at the signing of the transaction.Nightingale Health

The European Investment Bank (EIB) has granted a 20 million-euro loan to Nightingale Health, boosting the Finnish biotech company’s research and development efforts.

The Helsinki-based business will use the loan to increase its efforts in developing its blood analysis technology to treat chronic diseases. It is estimated that 70–80 per cent, or roughly 700 billion euros, of all healthcare costs in the EU are related to chronic diseases.

“Chronic diseases are a nightmare, not only for those who suffer from them, but also for those trying to cure them,” said Alexander Stubb, vice president of EIB, in a release.The EIB is committed to supporting companies like Nightingale that can realistically make a big impact and improve the health of EU citizens.”

Nightingale’s solution is already used in public health research, and the company is striving for full clinical integration by gathering more scientific evidence.

“By supplying physicians with accurate chronic disease risk prediction for their patients, we will empower people to better understand their own health status and take actions to reduce their risk,” explained Teemu Suna, CEO and co-founder of the company.

“Not only will this transform how we treat common diseases such as diabetes and heart disease, but it will also significantly reduce the current economic burden on healthcare systems and workforces.”

The loan is guaranteed by the European Fund for Strategic Investments, which is a part of Investment Plan for Europe. So far, investments of over 370 billion euros, including 1.3 billion euros in Finnish companies, have been made through the so-called Juncker plan, which aims to promote growth and job creation in Europe.

By: Samuli Ojala