The European Investment Bank (EIB) has announced that it is to partner with the Israel Innovation Authority to pursue investment opportunities in the domain of bio-convergence in health.

The EIB will be supporting Israeli company Pluristem via its German subsidiary, with a venture loan of €50 million.

Pluristem is a regenerative medicine company with a focus on novel biological products. The company uses cells derived from placenta for the development of product candidates for the treatment of severe medical conditions.

Ambroise Fayolle, EIB's Vice-President in charge of innovation, stated: “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.”