Bpifrance (the French public investment bank) has announced the selection of the MI² (MIAtek® Instrumentation & Innovation) project of Magnisense to receive €1.2 million in financing for innovation over a two-year period.
The launch of the MI² project will enable Magnisense to bring its products to market faster while boosting their competitive edge and intellectual property: emergency diagnostic tests for cardiovascular diseases. The MI² project also aims to drive the potential of its proprietary MIAtek® technology, based on magnetic nanomaterials, in its product pipeline.
Bpifrance has been a partner to Magnisense and supported its development for several years. The bank has cofinanced a number of its research and development projects, attesting to the innovation and appeal of its technology, development plan and products.
The selection of the MI² project by Bpifrance comes as Magnisense inaugurated its new R&D laboratory on January 30, 2015 in Dardilly, near Lyon, France. Located at the Le Campus site, the facility features new offices suited to the company's expansion.
For the event, Magnisense brought together its leading partners, with representatives from Bpifrance and from Assistance Publique Hôpitaux de Paris (AP-HP, the Paris Public Hospitals Group, with Dr. Etienne Gayat from the Anesthesia and Reanimation Department, Lariboisière Saint Louis Hospital in Paris), along with its partners from regional and national academic institutions and industry.
In December 2014, Magnisense was also awarded the EIP ("Entreprise Innovante des Pôles" or Innovative Cluster Company) label by a committee of private equity professionals made up of experts from the Medicen Paris Region business cluster, representatives from investment funds, business angels and Bpifrance representatives as part of DEFI Biotech Santé, a biotech and healthcare business development and support program.
"The support offered by Bpifrance to Magnisense over the years and through the MI² project has been extremely valuable and contributed significantly to the company's financial and technological development. By initiating this new project, we can bring our products to market faster," states Magnisense CEO Lyse Santoro.
Claude Sabatin, Bpifrance innovation representative, adds, "Magnisense's MI² project immediately caught our interest, as it responds to the urgent need for decentralized emergency diagnostics in healthcare, while offering attractive commercial potential. By coming on board this project, Bpifrance supports its innovation portfolio even further."