MaaT Pharma Secures €37.5 Million EIB Loan to Propel Hemato-Oncology Pipeline and Microbiome Therapy Leadership
MaaT Pharma (EURONEXT: MAAT), a clinical-stage biotechnology company pioneering Microbiome Ecosystem Therapies™ (MET) to improve survival outcomes in cancer patients through immune modulation, announced a significant financial milestone with the securing of a €37.5 million loan from the European Investment Bank (EIB). This non-dilutive financing agreement will be deployed across four tranches and is aimed at accelerating the company’s clinical development in hemato-oncology, further cementing its leadership in the emerging field of microbiome-based therapeutics.
The funding will provide essential support for MaaT Pharma’s late-stage clinical programs, particularly its lead asset, Xervyteg® (formerly MaaT013), which is currently under regulatory review by the European Medicines Agency (EMA) for the treatment of acute Graft-versus-Host Disease (aGvHD). The loan will also fuel progress on MaaT033, the company’s second drug candidate currently being evaluated in a Phase 2b trial in patients undergoing allogeneic stem cell transplantation (allo-HSCT).
With a proprietary manufacturing platform built on cGMP compliance, a robust development pipeline, and a growing track record of regulatory and strategic success, MaaT Pharma is shaping the landscape of microbiome-based immunotherapies. The EIB’s backing represents a vote of confidence in the company’s scientific vision, operational execution, and long-term potential to deliver novel immune-modulatory treatments in oncology.
A New Phase of Growth for a Microbiome Trailblazer
Founded on the idea that a balanced and functionally diverse gut microbiome plays a pivotal role in immune regulation, MaaT Pharma is one of the few biotechnology companies globally advancing full-ecosystem microbiome therapies. These therapies are designed to restore microbial diversity, which is often disrupted in cancer patients due to chemotherapy, antibiotics, and immunosuppressive treatments.
With Xervyteg®, MaaT Pharma has moved into the late-stage pipeline territory, aiming to bring to market the first-ever microbiome ecosystem therapy for aGvHD. This orphan disease primarily affects patients undergoing allo-HSCT and can be fatal in its steroid-refractory form.
The company’s pivotal ARES clinical trial for Xervyteg® concluded patient enrollment in October 2024. By January 2025, MaaT Pharma announced promising topline results, reinforcing confidence in the therapy’s ability to modulate the immune response and improve clinical outcomes. In June 2025, the company formally submitted a Marketing Authorization Application (MAA) to the EMA. By July 2025, MaaT Pharma entered into a strategic commercialization partnership with Clinigen, giving the therapy a clear path to market access across Europe.
Alongside this lead program, MaaT Pharma is advancing MaaT033, a standardized, oral microbiome therapy currently in a Phase 2b randomized controlled trial. The trial is designed to evaluate the therapy’s impact on overall survival and immune recovery in allo-HSCT recipients, addressing a substantial unmet medical need in supportive oncology care.
Strategic Financial Structure to Support Pipeline Continuity
The €37.5 million financing from the European Investment Bank reflects a detailed due diligence process and provides a critical non-dilutive component to MaaT Pharma’s broader capital strategy. This structure is designed to preserve shareholder value while ensuring that the company maintains financial agility as it approaches commercialization and further clinical development.
Eric Soyer, Chief Financial Officer of MaaT Pharma, underscored the strategic value of this funding:
“We are grateful for the confidence shown in MaaT Pharma and the support from the EIB, which is a further foundation towards the next phase of MaaT Pharma’s growth on bringing the potential first microbiome-based therapy to market in Europe. Each operational and financing step strengthens our track record.”
Soyer further emphasized the importance of balancing dilutive and non-dilutive capital sources, highlighting the complementary nature of the recent Clinigen partnership and the EIB loan as evidence of the company’s disciplined financial approach.
“The recent announcements of both partnership financing with the Clinigen agreement and debt financing with the EIB agreement are benchmarks that reflect our strategy to fund our programs while safeguarding shareholder interests.”
Loan Structure: Four Tranches with Performance-Linked Disbursement
The total €37.5 million loan will be released in four tranches, each linked to specific operational and financial milestones. The tranches are structured as follows:
- Tranche A: €3.5 million
- Tranche B: €6.0 million
- Tranche C: €8.0 million
- Tranche D: €20.0 million
Each tranche is accompanied by warrant issuance, granting EIB the right to subscribe for equity under predefined conditions. The disbursement of Tranches B, C, and D is contingent on the achievement of specified development and financing milestones, which underscores the EIB’s support for MaaT Pharma’s structured, milestone-based growth.
All tranches include a four-year grace period, after which repayment will begin:
- Tranches A, B, and C: total maturity of 6 years
- Tranche D: extended maturity of 8 years
The interest rate is fixed at 7%, with a portion of interest payments deferred until maturity. For Tranches C and D, part of the interest will be serviced on a quarterly basis, reflecting the longer repayment horizon and scale of funding.
Equity Link Through Warrant Issuance
A unique feature of the financing structure is the inclusion of warrants issued to EIB upon the disbursement of each tranche. The number of warrants is calculated based on:
- The amount of the tranche
- The average price per share during recent equity rounds (for Tranches B to D)
- The average price per share on recent trading days for Tranche A
Each warrant entitles EIB to subscribe to one ordinary share, with the exercise price set at 99% of the average share price over the five trading days preceding warrant issuance. The warrants are exercisable any time after Tranche A matures and will remain valid for 20 years, reflecting a long-term alignment between MaaT Pharma and the EIB.
Notably, EIB and MaaT Pharma have also agreed to reciprocal options:
- A put option allows EIB to sell back its warrants to MaaT Pharma under certain conditions
- A call option enables MaaT Pharma to repurchase the warrants in the event of a public tender offer for its securities
Warrants are non-transferable, except in limited cases (e.g., to EIB affiliates or post-maturity of Tranche D). If transferred to third parties, MaaT Pharma retains a preemptive right to acquire the warrants.
Legal and Financial Advisory Support
To execute the EIB financing agreement, MaaT Pharma was advised by Eric Briole and engaged Van Lanschot Kempen as its financial advisor. Legal counsel was provided by McDermott Will & Emery, ensuring that the multi-tranche structure, warrant terms, and equity-linked conditions were executed in compliance with EU financial regulations and in alignment with shareholder interests.
Building a Scalable Platform for the Future of Microbiome Therapeutics
MaaT Pharma’s strategic vision goes beyond bringing a single product to market. The company has built a scalable and compliant cGMP manufacturing platform capable of supporting multiple microbiome therapies, including both enema-based and oral formulations. This vertical integration enables it to respond flexibly to both clinical trial demand and future commercial-scale supply.
The company’s MET platform combines high-throughput microbiome profiling, in-house bioinformatics, and bioprocessing to generate therapies with consistent composition and predictable immunological effects. This differentiates MaaT Pharma from companies working on single-strain probiotics or undefined fecal transplants, and positions it as a pioneer in standardized, reproducible, and regulated ecosystem therapies.
With increasing scientific validation and a growing body of clinical evidence, MaaT Pharma is well-positioned to lead the next generation of microbiome-based immuno-oncology. The EIB’s loan offers the financial runway required to continue innovating while navigating the regulatory and commercialization pathways for its late-stage programs.
The €37.5 million loan from the European Investment Bank marks a defining moment in MaaT Pharma’s journey. As the company moves toward potential EMA approval for Xervyteg® and completes mid-stage trials for MaaT033, the financial partnership with the EIB strengthens its ability to deliver transformative microbiome therapies to patients facing life-threatening hematologic cancers.
By combining scientific innovation, operational excellence, and a strategic capital approach, MaaT Pharma is poised to transform the treatment landscape for aGvHD and immune-related complications in cancer. With strong institutional support and a clear regulatory path ahead, the company is emerging as a European and global leader in microbiome immunotherapy.
