A Belgian medical technology company, Nyxoah, secured a €37.5 million loan from the European Investment Bank (EIB) to research obstructive sleep apnoea, both organisations announced in a press release on Wednesday.
The loan will fund the company's work on developing treatments for the sleep disorder, and enhance its production capacity to meet the growing demands in both Europe and the U.S.
"Belgium stands at the forefront of innovation in the area of life sciences and med tech. As the EIB, we take pride in supporting this thriving industry and fostering growth," said EIB Vice-President, Robert de Groot.
Obstructive sleep apnoea is a respiratory disorder whereby the blockage of a person's airway interrupts their breathing whilst they are asleep. It is associated with increased mortality risk and cardiovascular issues.
Nyxoah's lead solution to combat the disorder, named Genio, is hypoglossal nerve neurostimulation therapy which requires no probes or batteries. The therapy works by stimulating nerves under the tongue, preventing it from blocking the airway.
The loan will be disbursed in three instalments, with an initial €10 million, followed by two instalments of €13.75 million. The disbursement of the loan is subject to certain conditions, the press release stated.
The loan is backed by the EU's InvestEU programme, and is in line with EIB's current priorities to boost technological innovation and research.
