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FOx Biosystems and the EIC Accelerator: Bankrupt Mid-Project

September 30, 2026836 words5 min

FOx Biosystems, founded in 2016 in Diepenbeek, Belgium, made White FOx, a fibre-optic surface plasmon resonance instrument that measures how biological molecules bind without labels. Its EIC project, EV FOx, aimed to turn it into a tool for isolating and counting extracellular vesicles (EVs), tiny particles released by cells that researchers study for diagnostics and therapies. The company claimed its method was "selective (no bias), automated (scalable 4x), faster (time/24) and specific (purity >95%)", according to CORDIS.

The European Innovation Council agreed to pay €2,499,999 towards a €3.59 million project from July 2023 to June 2025. On 23 January 2025 the court in Antwerp declared FOx Biosystems bankrupt, according to FaillissementsDossier. CORDIS records that the project was "terminated on 26 February 2025", four months before its planned end. The company's last filed accounts, for 2023, show a loss of €2.79 million, according to Companyweb. Its old web domain now hosts an unrelated legal services site.

€2.50MEIC grant agreed, 70% of a €3.59M project
23 Jan 2025Declared bankrupt
€-2.79MResult, 2023
TerminatedEIC project, 26 February 2025

Company file

Legal entity
FOx Biosystems NV, BE0653744366, Diepenbeek
Founded
2016
Product
White FOx fibre-optic SPR instrument and sensor probes
Staff
13.8 full-time equivalents (2023)
EIC project
EV FOx, 1 Jul 2023 to 26 Feb 2025, terminated
EIC funding
Grant only
Outcome
Bankrupt, Antwerp court, January 2025

Where FOx Biosystems Stands Now

FOx Biosystems is in bankruptcy, and FaillissementsDossier shows no curator's reports published. No buyer for its technology or assets has been announced. It filed no accounts for 2024.

"The main pain for EV R&D community (both academic and industrial) is a lack of standardized EV tools that allow a user-friendly, time-and cost-efficient EV isolation, quantification and characterization."

FOx Biosystems, report to the EIC

The Technology: A Sensor Dipped Into the Sample

Conventional EV isolation relies on filters and ultracentrifugation, which the report calls "labor-intensive, variable and slow". FOx's approach uses a fibre-optic probe coated with capture antibodies, dipped into crude samples such as plasma, to catch EVs, measure how many there are and then release them for further analysis by mass spectrometry or electron microscopy.

What the EIC Project Promised, and What CORDIS Shows

The report sets out four work streams: an EV isolation and release kit, a quantitation assay for White FOx, software upgrades including US FDA 21 CFR part 11 compliance, and a go-to-market plan. It lists main achievements for each, from antibody-coated probes to a design and development plan. No product launch followed, and the project was terminated after the company went bankrupt.

  1. EV isolation kitReportedListed in report only.
  2. Quantitation assayReportedListed in report only.
  3. Commercial launchNot doneCompany bankrupt.
  4. Project completionTerminated26 February 2025.

The Money

FOx never showed a positive gross margin in its filed accounts from 2020 to 2023, and it lost between €1.1 million and €3.3 million a year. Equity fell by half to €1.29 million in 2023 while debts rose to €1.43 million. Its articles of association and capital were amended in August 2024, five months before the bankruptcy.

What Cannot Be Checked

Questions for the EIC

How much of the €2.5 million was paid before the termination, whether the EIC is claiming money back in the bankruptcy, what the EIC knew about FOx's finances when it signed the grant and what happened to the technology are not public.

Why Europe Should Care

The EIC signed this grant in April 2023 with a company whose accounts for 2020 and 2021 already showed negative gross margins and a loss of €2.28 million in 2021. It collapsed 18 months later. The case raises the question of how the EIC checks that grant-only beneficiaries can finance their own share and survive the project.

What the project promised

A standardised, automated tool to isolate and quantify extracellular vesicles, ready for market.

What the record shows

Bankruptcy in January 2025, a terminated grant, no product and no public account of the money spent.

The Verdict

Failed before the finish

FOx Biosystems went bankrupt 18 months into its EIC project. What the grant paid for, and whether any of it is recovered, has not been disclosed.

FOx Biosystems' curator and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.

Start with the EIC Accelerator

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Eureka Network

Eureka Network offers multiple international collaborative R&D programs including Network Projects, Clusters, Eurostars, Globalstars, and Innowwide, with funding ranging from €50K to €6.75M per project depending on the specific program. The network focuses on market-driven innovation and deep-tech development across diverse technology sectors including ICT/Digital, Industrial/Manufacturing, Bio/Medical Technologies, Energy/Environment, Quantum, AI, and Circular Economy. Applicants include SMEs, large enterprises, research organizations, universities, and startups, with Eurostars specifically targeting R&D-performing SMEs.

EIC Transition

EIC Transition provides up to €2.5 million in funding to bridge the 'valley of death' between laboratory research and market deployment, focusing on technology maturation and validation. The program supports single legal entities or small consortia of 2-5 partners including SMEs, start-ups, spin-offs, and research organizations. Technology areas include Health/Medical Technologies, Green/Environmental Innovation, Digital/Microelectronics, Quantum Technologies, and AI/Robotics.

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EIC STEP Scale-Up offers substantial equity investments of €10-30 million for established deep-tech companies ready for hyper-growth and large-scale expansion. The program targets SMEs or small mid-caps with up to 499 employees who have secured pre-commitment from qualified investors. Focus areas include Digital & Deep Tech (Semiconductors, AI, Quantum), Clean Technologies for Net-Zero goals, and Biotechnologies.

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EIC Pre-Accelerator is a pilot program providing €300,000-€500,000 in funding for early-stage deep-tech development and preparation for the EIC Accelerator program. The initiative is exclusively available to single SMEs or small mid-caps from 'Widening countries' to support regional innovation development. The program covers deep-tech innovations across physical, biological, and digital domains.

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EIC Advanced Innovation Challenges is a new pilot program offering €300,000 (Stage 1) and up to €2.5 million (Stage 2) for breakthrough deep-tech solutions through ARPA-style staged funding with demand-side integration. The program targets single entities or small consortia (2-3 partners) including SMEs, start-ups, and research organizations. Focus areas include Physical AI for autonomous robotics and New Approach Methodologies (NAMs) for animal-free biomedical testing, requiring TRL 4 entry with end-user commitment.

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EIC Pathfinder offers up to €3 million for Open calls and up to €4 million for Challenge-based calls to support early-stage research and development with proof-of-principle validation. The program requires research consortia with a minimum of 3 partners from 3 different countries, including universities, research organizations, and SMEs. Technology focus areas include Health/Medical, Quantum Technologies, AI, Environmental/Energy, and Advanced Materials.

EIC Accelerator

EIC Accelerator provides flexible funding options including blended finance (€2.5M grant + €0.5M-€10M equity), grant-only (up to €2.5M), or equity-only arrangements for scale-up and market deployment of breakthrough innovations. The program targets SMEs, start-ups, and small mid-caps with up to 499 employees, with MedTech/Healthcare representing 35% of funded projects. Other technology areas include Biopharma, Energy, AI, Quantum, Aerospace, Advanced Materials, and Semiconductors.

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Innovation Partnership facilitates collaborative innovation between public and private sectors with typical funding of €1-5 million per project. The program supports cross-sectoral strategic technologies through public-private partnerships and consortia. Projects focus on addressing societal challenges through collaborative innovation approaches.

Innovation Fund

The EU Innovation Fund provides substantial funding of €7.5 million to €300 million for large-scale demonstration of innovative low-carbon technologies. The program targets clean energy, carbon capture, renewable energy, and energy storage technologies to accelerate the transition to a low-carbon economy. Applicants include large companies, consortia, and public entities capable of implementing large-scale demonstration projects.

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Innovate UK offers various programs with funding ranging from £25K to £10M depending on the specific initiative, supporting business-led innovation, collaborative R&D, and knowledge transfer. The organization funds projects across all sectors with particular focus on emerging technologies and supports UK-based businesses, research organizations, and universities. Programs are designed to drive economic growth through innovation and technology commercialization.

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Industrial Partnership provides €2-10 million in funding for industrial research and innovation partnerships focusing on manufacturing, industrial technologies, and digital transformation. The program supports industrial consortia and research organizations in developing collaborative solutions for industrial challenges. Projects aim to strengthen European industrial competitiveness through strategic partnerships.

Eurostars

Eurostars is a joint EU-Eureka program offering €50K-€500K for international R&D collaboration specifically led by SMEs. The program takes a bottom-up approach, accepting projects from all technology fields without predefined thematic restrictions. R&D-performing SMEs must lead the consortium and demonstrate significant R&D activities.

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The LIFE Programme provides €1-10 million in funding for environmental protection, climate action, and nature conservation projects across the European Union. The program supports environmental technologies, climate adaptation strategies, and biodiversity conservation initiatives. Applicants include public authorities, private companies, NGOs, and research institutions working on environmental and climate challenges.

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Neotec is a Spanish program offering €250K-€1M in funding for technology-based business creation and development, supporting the growth of innovative Spanish SMEs and start-ups. The program covers all technology sectors and aims to strengthen Spain's technology ecosystem. Funding is specifically targeted at Spanish technology-based SMEs and start-ups to enhance their competitiveness and market presence.

Thematic Priorities

EU Thematic Priorities encompass various programs aligned with EU strategic priorities including green transition, digital transformation, health, and security initiatives. Funding amounts vary based on the specific program and call requirements, with projects designed to address key European challenges. Applicant eligibility varies by specific program and call, with different requirements for different thematic areas.
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