Monday, September 21st | 3 Tishri 5781

Subscribe
April 30, 2020 9:53 am

European Investment Bank, Israel Innovation Authority Collaborate on Medical Investments

avatar by Elham Nasser Eddin

A medical worker wearing a protective mask and suit treats patients suffering from coronavirus disease (COVID-19) in an intensive care unit at the Oglio Po hospital in Cremona, Italy, March 19, 2020. Photo: Reuters / Flavio Lo Scalzo.

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.”

Share this Story: Share On Facebook Share On Twitter

Let your voice be heard!

Join the Algemeiner

Algemeiner.com

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.