European Investment Bank provides €7.5 million loan to support research and development of Diadem’s AlzoSure® Predict blood test for Alzheimer’s disease
- First CE-IVD marked blood test that predicts the likely progression of Alzheimer’s disease up to six years before the onset of definitive symptoms
- Received US FDA Breakthrough Device Designation
- Investment supported by the European Guarantee Fund sub-prime debt lending program
LUXEMBOURG CITY, Luxembourg and BRESCIA, Italy, March 7, 2022 /PRNewswire/ — The European Investment Bank (EIB) granted a loan of 7.5 million euros to Diadem Srl, a company developing the first blood prognostic test for the early prediction of Alzheimer’s disease (AD). The loan granted under the Venture Debt program of the Pan-European Guarantee Fund, which is an integral part of the EU’s €540 billion aid package agreed in 2020 to counter the economic crisis caused by the COVID pandemic, is intended to support the development and commercialization of Diadem’s AlzoSure Predict prognostic blood test for the early detection of Alzheimer’s disease.
Based near Milan, Italy, Diadem was founded in 2012 as a spin-out from the University of Brescia (Italy), with support from the Italian Ministry of Education, Universities and Research. It is considered one of the most promising Italian biotech SMEs (small and medium enterprises).
AlzoSure Predict is a non-invasive biomarker blood test that can identify with high accuracy whether or not people over 50 with signs of cognitive impairment will progress to Alzheimer’s disease up to six years before symptoms appear. definitive. Its usefulness is supported by clinical data from a large longitudinal study that formed the basis for AlzoSure Predict’s recent CE-IVD marking, which allows the test to be marketed in the EU, as well as a Breakthrough designation. Device from the US Food & Drug Administration.
The excellent accuracy of AlzoSure Predict and its ability to identify those at risk of progressing to AD early in the disease process should contribute to one of the priorities of the World Health Organization (WHO), which estimates that more than 10 million new cases of Alzheimer’s dementia are diagnosed each year. Among other actions, the WHO highlights the need for earlier diagnosis to improve treatment options for people with Alzheimer’s disease.
Gelsomina Vigliotti, EIB Vice-President said, “Diagnostics for neurodegenerative diseases such as Alzheimer’s disease have not been able to identify patients early enough in the disease process to allow interventions to slow or arrest the progression of the disease. disease. With this investment, the EIB confirms its commitment to research and companies such as Diadem which are at the forefront of biotechnological innovation. We hope that this EIB funding will contribute to a revolution in the diagnosis of Alzheimer’s disease, thanks to the ability of AlzoSure Predict to allow an accurate and early prediction of people who will progress to Alzheimer’s disease.
Paul Kinnon, CEO of Diademsaid: “As a company whose innovative technology was discovered and developed in Italy, we are proud to receive this vote of confidence and this financial support from the EIB. We believe that AlzoSure Predict represents a significant step forward for the millions of patients in Europe at risk of Alzheimer’s disease. The knowledge gained earlier will benefit those deemed to be at risk, who can now take steps to slow the progression of the disease, as well as those at low risk of progression to AD. We also expect that the availability of AlzoSure Predict will facilitate the development of promising new therapies. Diadem intends to partner with healthcare providers to ensure wide access to AlzoSure Predict and we expect the test to be available in the EU later this year.
About the European Investment Bank
The European Investment Bank (EIB) is the European Union’s long-term lending institution owned by member states. It provides long-term funding for sound investments to contribute to EU strategic objectives. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2021, the EIB Group provided more than €36 billion in financing for projects in Italy.
The European Guarantee Fund (EGF) was created by the EIB Group (EIB and EIF) with contributions from Italy and other EU Member States to protect companies in difficulty in the face of the crisis caused by the COVID-19. With nearly €25 billion in guarantees, the fund enables the EIB and the EIF to quickly offer companies, mainly SMEs and ETIs, access to loans, guarantees, securities and other financial instruments. The EGF is part of the recovery package put in place by the European Union, with the aim of providing a total of €540 billion to support the hardest hit sectors of the EU economy.
Diadem was founded as a spin-out from the University of Brescia (Italy). The company is developing the first blood prognostic test for the early detection of dementia, with a focus on Alzheimer’s disease. The lack of accurate, accessible and affordable diagnostic tools is a major contributor to the lack of effective treatments for this devastating disease. As a result, patients are only diagnosed late in the disease, when effective treatment is no longer possible. Diadem’s rapid, accurate, and cost-effective prognostic blood test makes it possible for the first time to identify patients early in the disease process, when effective interventions and better outcomes are much more achievable. The usefulness of the approach has been demonstrated in longitudinal clinical studies which served as the basis for the award of CE-IVD marking in the EU and a Breakthrough Device designation in the United States. Further retrospective and prospective clinical trials are underway to further validate the clinical claims and support widespread adoption and use. Diadem’s founding lead investor is Panakes Partners, a Milan-based venture capital firm that funds promising high-potential biomedical companies in Europe and Israel. Diadem prepares the commercialization of AlzoSure Predict in collaboration with global strategic partners. For more information, visit www.diademdx.com/.
Paul Kinnon, CEO
BLL Partners for Tiara
Phone. +1 (917) 355-9234
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SOURCE Diadem srl; European Investment Bank