NEW YORK — The European Investment Bank (EIB) said on Tuesday that it will lend up to €10 million ($11.8 million) to Polish startup Scope Fluidics to assist with the development of infectious disease diagnostics.
Scope's product pipeline includes a point-of-care molecular diagnostic instrument called PCR One and a related rapid multiplex respiratory virus panel that includes SARS-CoV-2, influenza, and respiratory syncytial virus, as well as an antibiotic susceptibility testing system called BacterOmic that uses hundreds of independent culturing zones within a microfluidic cartridge to determine minimum inhibitory concentrations for antibiotics.
Scope expects to submit PCR One with a SARS-CoV-2 test to the US Food and Drug Administration for Emergency Use Authorization by the end of the year.
EIB, the lending arm of the European Union, said the loan is being provided to Scope under the Infectious Diseases Financing Facility of the EU's Horizon 2020 research funding program.
In February, Scope raised 14 million Polish zloty ($3.7 million) through a share issuance.