Nightingale Health, the Finnish innovator of an internationally recognized blood analysis technology for chronic disease prevention, will receive €20 million EU-financing to herald a new era of chronic disease prevention
The loan, which has been backed by European Fund for Strategic Investments, part of the Juncker Plan, will be used to further accelerate the research and development of Nightingale’s blood analysis technology, facilitating better prediction and prevention for chronic diseases.
The growing burden of chronic disease poses a significant threat to citizens’ wellbeing. It is also estimated that 70-80% of all healthcare costs in the EU are chronic disease-related, accounting to approximately €700 billion.
Nightingale’s innovative blood analysis technology can detect early signs of a large number of these diseases, improving the assessment of a person’s future risk of developing heart disease and type 2 diabetes.
By helping physicians and patients to better understand an individual’s chronic disease risk, effective interventions such as medications and lifestyle changes can be taken to slow and prevent disease progression.
The company’s goal is to achieve full clinical integration for its technology by replacing conventional biomarker tests for chronic diseases (e.g. cholesterol tests). By further accelerating the regulatory approval process through rigorous scientific evidence generation, the company aims to realise the promise of precision medicine.
European Commission Vice-President Jyrki Katainen, responsible for jobs, growth, investment and competitiveness, said: “Europe invests heavily in education and science as we believe that putting a strategic effort into these areas can reap huge benefits. This commitment has resulted in Europe’s position today as a world leader in cutting edge medical research.
“We are delighted that the Investment Plan for Europe is fostering the development of Nightingale’s technology which has the potential to add significant value to European healthcare.”
EIB Vice-President Alexander Stubb, responsible for innovation, said: “Chronic diseases are a nightmare, not only for those who suffer from them but also for those trying to cure them. The EIB is committed to supporting companies like Nightingale that can realistically make a big impact and improve the health of EU citizens.
“The support of the Investment Plan for Europe is particularly valuable here, and the operation is fully aligned with the objective of supporting high-skilled employment opportunities. This will also enhance Europe’s position as a major leader in medical innovation.”
Nightingale CEO and Founder Teemu Suna said: “Nightingale wants to create a world where healthcare keeps people healthy throughout their lifetimes, not just whenever they get sick. When we founded Nightingale in 2013, we wanted to bring together innovations from biotechnology, medicine and computer sciences to build a different type of healthcare – one where everyone is given a chance to live a healthier life.
“Today’s (18th January) announcement provides Nightingale with the funding needed to take our vision for personalized medicine into European healthcare. By supplying physicians with accurate chronic disease risk prediction for their patients, we will empower people to better understand their own health status and take actions to reduce their risk. Not only will this transform how we treat common diseases such as diabetes and heart disease, but it will also significantly reduce the current economic burden on healthcare systems and workforces.”
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