The European Investment Bank has signed a €50 million financing agreement with Israeli regenerative medicine company Pluristem – through its German subsidiary Pluristem GmbH – to help the company to advance the clinical development of its cell therapies and address a number of severe medical conditions.
In particular, it has recently treated several patients with acute respiratory failure due to coronavirus, under the “compassionate use” programme. The company is the first Israeli-European business to benefit from a guarantee by the European Fund for Strategic Investments, the financial pillar of the Investment Plan for Europe.
Executive Vice President Valdis Dombrovskis said: “The Investment Plan for Europe has a strong track record of supporting ground-breaking research and development in the health sector. Pluristem is carrying out highly innovative and crucial work in the fight against coronavirus, now boosted by financial backing from the EU.”
A press release is available here. As of March 2020, the Investment Plan has mobilized €466 billion of investment across the EU, including €36bn in Germany, and supported more than 1.14 million start-ups and small and medium-sized businesses.