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European Investment Bank, Israel Innovation Authority Collaborate on Medical Investments

European Investment Bank, Israel Innovation Authority Collaborate on Medical Investments

As part of the collaboration, European Investment Bank has provided Pluristem GmbH, the German subsidiary of Israel-based medical company Pluristem, with a debt loan of €50 million (approximately $54 million)

Elham Nasser Eddin | 14:17, 30.04.20

The Israel Innovation Authority (IIA) has signed a memorandum of understanding with the European Investment Bank (EIB) to collaborate on pursuing investment opportunities in the bio-convergence sector, the organizations announced Wednesday.

As part of the collaboration, EIB has provided Pluristem GmbH, the German subsidiary of Israel-based medical company Pluristem Therapeutics Inc., with a debt loan of €50 million (approximately $54 million). The loan aims to support Pluristem’s research and development in regenerative cell therapy.

Israel Innovation Authority CEO, Ahron Ahron. Photo: Orel Cohen Israel Innovation Authority CEO, Ahron Ahron. Photo: Orel Cohen Israel Innovation Authority CEO, Ahron Ahron. Photo: Orel Cohen
“Today’s signatures show that we are successful when we stand together,” said Ambroise Fayolle, EIB Vice-President in charge of innovation. “Israel is home to a thriving scene of innovative startups, which dominate the high-tech industry. Pluristem is an excellent example of Israeli-European cooperation and EIB support for them is particularly timely, as it will allow the company to develop a treatment for the most vulnerable COVID-19 patients. Working together often saves time and resources – in this case, it has the potential to save lives.”

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