- EU backs MMI's Robotic System for Microsurgery

MMI SpA, an Italian company dedicated to improving clinical outcomes for patients undergoing microsurgery, has signed a financing agreement with the European Investment Bank (EIB) granting access to up to €15 million (.74 million), to be deployed over the coming years to support its long-term financial strategy. The EU bank's loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners, with the EIB's financing operations boosting the competitiveness of the European economy.

European Commissioner for the Economy, Paolo Gentiloni, said: “European companies have long been at the forefront of innovative solutions in the field of healthcare. Thanks to the backing of the European Fund for Strategic Investments, the EIB can support MMI SpA as it continues developing the next generation of microsurgical instruments to help patients undergoing surgery in the future.”

EIB Director Christoph Kuhn said: “Certain sectors are sometimes overlooked when we talk about ‘Italian excellence', but surgical robotics definitely qualifies in that category. I am glad that, with backing from the Investment Plan for Europe, the EIB can get behind MMI to improve the lives of patients that need to have microsurgery. European knowledge and expertise need to be supported, especially in these economically difficult times, and the EU bank is here to do just that.”

“We are pleased to have secured a loan instrument from the European Investment Bank and appreciate the vote of confidence in our company and innovative solutions from such a high-calibre institution. This agreement comes at an exciting time for our company. The resources will further strengthen our financial position in preparation for the commercial launch in Europe of our breakthrough robotic system aimed at improving the standard of care for patients undergoing microsurgical procedures”, said Gianluca Landi, CFO of MMI SpA.

Background information

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 goals. In 2019, the EIB made available nearly €9.7 billion for projects throughout Italy.

Medical Microinstruments S.p.A. (MMI) was founded in 2015 near Pisa, Italy to enhance surgical performance through the development of a robotic system that enables surgeons to achieve better outcomes on delicate microsurgical procedures. The MMI robotic platform combines proprietary innovations including the world's smallest wristed microinstruments as well as tremor-reducing and motion scaling technologies. Together, these powerful capabilities enable more surgeons to successfully perform microsurgery while expanding the field of supermicrosurgery. For more information, please visit: www.mmimicro.com

The European Fund for Strategic Investments (EFSI) is the main pillar of the Investment Plan for Europe. It provides first-loss guarantees enabling the EIB to invest in more and often riskier projects. The projects and agreements approved for financing under the EFSI are expected to mobilise €514 billion in investment, supporting over 1.4 million start-ups and small and medium-sized enterprises across the European Union. Total financing under EFSI in Italy since 2015 amounts to €12.5 billion and is set to trigger €79.4 billion in additional investments through co-financing with private and public partners.

 

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