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How EFSI benefits SMEs in Europe - ING case study: Flen Pharma (Luxembourg), Medical device company

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It was during a barbecue, at which the daughter of one of his friends was badly burned, that the idea came to Philippe Sollie, pharmacist by profession, to develop a new type of wound care product. The little girl was allergic to a large number of ingredients contained in the traditional creams, so Philippe developed a simple to use, but extremely effective gel, labelled ‘Flamigel®’, which keeps the wound moist. This has the advantage of continuously cleaning the wound, speeding up the healing process and avoiding any scar tissue.

After having filed a patent, Philippe encountered huge success with his innovative idea. Building on his passion for pharmaceutical research and his motivation to contribute to a better quality of life, he developed a whole range of medical devices based on the same principles. With ‘Flaminal® Hydro’ and ‘Flaminal® Forte’, which he has been distributing first in Europe and later across the world, from his base in Esch-sur-Alzette, Luxembourg, he created a new product class: the ‘Enzyme Alginogel®’. It combines two principles of fast and efficient wound healing by achieving a bacterial balance (using enzymes) and a moisture balance (using alginates) in the wound. Moreover, ‘Flaminal®’, unlike other wound care gels, can be used on all tissues and throughout all phases of wound healing, making the life of wound experts and their patients easier.

To further expand his activity, Philippe secured an EU-guaranteed loan provided by ING Luxembourg and backed by EIF under the Investment Plan for Europe. This EU initiative aims to generate new investments by facilitating access to finance for small and medium-sized enterprises. Philippe has used part of his loan to open a franchise in the United Kingdom (Flen Health) allowing for the creation of its own network of distributors. Furthermore, Philippe is planning to use the other part of the loan to hire two additional researchers and invest in the research and development of his products.

Today, Philippe employs around 75 staff and continues to offer through ‘Flen Pharma’ and ‘Flen Health’ a new class of wound healing products, reducing pain and trauma after injury.

Company: Flen Pharma (Luxembourg)

Type of business: Medical device company

EIF financing: InnovFin SMEG, EFSI

For further information abiout EIF intermediaries in Luxembourg, please refer to: http://www.eif.org/what_we_do/where/lu

 

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