Xeltis will receive €15 million in funding from the European Innovation Council Accelerator (EIC) set up by the European Commission.
The EIC funding comprises €2.5 millions in grants and up to €12.5 millions in equity and will support Xeltis’ clinical trial program for its XABG device, the first-ever restorative Coronary Artery Bypass Graft (CABG).
XABG is a restorative, synthetic blood vessel device that turns into a living blood vessel when colonised by patient’s own tissue, following implantation. It is designed to overcome the limitations and complications resulting from patient’s vein harvesting, which is the current option in CABG surgery. Around one million patients undergo CABG surgery each year.
Xeltis is one of 99 European innovative start-up companies to be funded through EIC. The financing aims to help bring promising technologies to market. The selected companies receive grants and/or equity investments, depending on their needs, following a rigorous process introduced under Horizon Europe.
Eliane Schutte, Xeltis CEO, commented:
“We are thrilled by the outstanding support of European institutions to our restorative medical device technology. The potential benefit of our CABG application is clear and the latest steps towards market within closer reach, thanks to the remarkable financial contributions.”