Tissium, a medtech company developing biomorphic programmable polymers for tissue reconstruction, has secured a €7 million state-guaranteed loan (Prêt Garanti par l’Etat, or PGE). The loan was granted by BNP Paribas, CM-CIC and bpifrance.
Initiated by the French Government to support companies during the COVID-19 crisis, the PGE is a bank loan with a fixed interest rate ranging from 0.25% and 1.75%. After an initial interest-only term of one year, the loan can be amortised over up to five years at the option of the company. The French government guarantees 90% of the borrowed amount.
Christophe Bancel, CEO of Tissium, said: “The loan financing that has been awarded Tissium as a result of the PGE program will allow us to further extend the runway at Tissium and support our ongoing research and development activities. As a result, we expect to continue our operations without interruption regardless of the effect this difficult economic environment has had on the business.”
