EIB loan for Mabion highlights support for Poland's young biotech

The European Investment Bank (EIB) has agreed to lend 30 million euros ($33.4 million) to Mabion (WSE: MAB), a Polish biotech company, to finance its growth plans.

Mabion will use the financing for a wide-ranging research and development program, conducting clinical trials, as well as expending its manufacturing capacities with state-of-the-art equipment. Mabion, whose shares gained 1.9% to 79.90 zloty by early afternoon trading, expects to employ 96 additional staff as a result of this financial injection.

EIB director general, head of lending operations, Jean-Christophe Laloux, said: “This loan represents a milestone in the EIB support for Poland: it makes innovative financing available for an innovative company that invests heavily in R&D and develops much needed treatment for oncologic diseases. By joining forces with the European Commission, the EU bank can support the long-term plans of Mabion and thus contribute to the growth of the biotech sector in Poland.”