Biosurfit has developed spinit technology platform that will provide precise and affordable blood analysis for point-of-care medical testing.

The company will use the funding to support the development of novel diagnostic tests to expand the spinit technology platform and its commercialization in key markets.

Biosurfit will mainly focus on developing an instrument that will provide a broad range of diagnostic tests for different diseases such as diabetes, cardiology inflammation, haematology, renal and metabolic diseases.

In addition, the firm will use the funding to increase its manufacturing capacity in line with the wider product portfolio and expected market demand for tests.

The firm’s investment programme is supported by "InnovFin – EU Finance for Innovators" MidCap Growth Finance, with the financial backing of the European Union under Horizon 2020 Financial Instruments.

EIB vice-president Román Escolano said: "The €12m loan provided by the European Investment Bank to support Biosurfit’s activities in innovative diagnostics illustrates European Union’s commitment to innovation and to its citizens, who will benefit most from this important project."

Biosurfit also markets two CE-marked tests, C-Reactive Protein (CRP) and Blood Count, in the European Union (EU) region.