Malin hauls in €70m from EIB

Irish-based global life sciences company Malin Corporation plc announced that it has secured a debt facility of €70m over a period of seven years from the European Investment Bank (EIB). “The alignment of long duration capital with substantial and demonstrated operating expertise around a broad array of life science assets provides a unique opportunity to create and unlock value,” said Malin CEO Kelly Martin. “This loan provides Malin with additive non-dilutive capital that can then be judiciously deployed to accelerate the progression of current and prospective Malin investee companies.”

In May last year, Malin raised €330m on AIM (http://www.european-biotechnology-news.com/news/news/2015-01/ipo-ball-keeps-on-rolling.html) with the goal to reinvest the money in developers of drugs, medical devices and diagnostics. Since then, it has invested in companies such as Melinta Therapeutics, Altan Pharam, 3D4 Medical and Immunocore. As before, the new fund will primarily go to UK and Irish companies.

“The European Investment Bank is pleased to support Malin's work in transforming cutting-edge research and development into successful innovative companies across Europe, in particular Ireland and the UK,” added Jonathan Taylor, European Investment Bank Vice President. “This represents the European Investment Bank's first support for life science investment in Ireland demonstrating its commitment to ensuring that world class research can enhance effective medical treatment and improve medicine.”