Resistell receives high-level EU grant
Resistell AG, based in Muttenz in the canton of Basel-Landschaft, has received a grant of up to 2.5 million euros and additional equity capital financing from a European fund with the aim of accelerating innovation. The company is developing the world’s fastest test against antibiotic resistance.
Resistell AG is one of 70 companies selected for funding in the most recent financing round within the framework of the EIC Accelerator Pilot program (previously known as the SME instrument) established by the European Innovation Council. In total, 4,000 applications were submitted, more than double the usual amount. The startup will receive up to 2.5 million euros for the clinical validation of its antibiotic susceptibility test. Moreover, the EIC Accelerator is offering blended financing in the form of an optional investment in equity in addition to the grant.
This is the world’s fastest phenotypic antibiotic susceptibility test, reducing the duration needed for such a test from several hours or even days to less than two hours. It is set to help conquer one of the largest challenges in the healthcare sector: antimicrobial resistance (AMR). A press release outlines how, in many countries, suspected COVID-19 patients have been treated with antimicrobial therapies as a precaution in hospital. However, the excessive use of these powerful medicines can trigger the development of multi-drug resistance, the press release states further. There is therefore an urgent need for global action “to prevent COVID-19 from casting a long shadow over antimicrobial resistance”.
The grant and equity participation from the EIC Accelerator will co-finance the final development stage of the Resistell device and disposable articles in addition to the multicenter performance evaluation study. “This funding will help us mitigate the financial and clinical risks that have emerged because of COVID-19”, states Danuta Cichocka, CEO of Resistell.
“Thanks to this project, we will be able to carry out clinical validation in at least three different hospitals in Switzerland, Germany and Denmark”, she explains further. This will help not only to accelerate and facilitate market entry, but will also ensure continuity with regard to the performance evaluation study under pandemic conditions.