European Investment Bank, Israel Innovation Authority Collaborate on Medical Investments
CTech – 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, the German subsidiary of Israel-based medical company Pluristem Therapeutics, with a debt loan of €50 million (approximately $54 million). The loan aims to support Pluristem’s research and development in regenerative cell therapy.
“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.”