EU - Israel cooperation in the fight against coronavirus

Published: 02.05.2020 Related countries:  Israel Israel

The European Investment Bank has signed a partnership with the Israel Innovation Authority and funding for the development of therapy to combat Civid-19

On 30 April 2020, the European Investment Bank and the Israel Innovation Authority signed a cooperation agreement to jointly pursue investment opportunities in the domain of bio-convergence in health. The intersection of biopharma, information technology and engineering is an important building block in supporting global public health goals. The agreement, initiated by kENUP Foundation, aims at deepening the links between Israel and the EU, fostering innovation in the region, closing investment gaps and jointly assuming global leadership in the area of bio-convergence. Ultimately, it is set to benefit Israeli and European citizens and corporations.
In the context of this Memorandum of Understanding, the EIB is supporting Pluristem through its German subsidiary Pluristem GmbH, with a venture debt 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 such as infections, inflammation, ischemia, muscle injury, haematological disorder or acute radiation syndrome. It has recently extended its activity in response to the coronavirus pandemic and treated several COVID-19 patients with acute respiratory failure under the “compassionate use” programme, a treatment option which allows the use of unauthorised medicine for severely ill patients.
• The EIB supported Pluristem with funding of 50 million, which will help the company to advance the clinical development of its cell therapies and address a number of severe medical conditions
• The deal is the first Israeli-European project guaranteed by the European Fund for Strategic Investments, the financial pillar of the Investment Plan for Europe, a joint initiative of the EIB and the European Commission
• The signature was carried out in the framework of a Memorandum of Understanding, by which the EIB and the National Technological Innovation Authority of Israel have agreed to cooperate in the globally emerging field of bio-convergence
To watch please go to: https://signing-ceremony.eu

Source: Delegation of the European Union to the State of Israel

Prepared by the team of CzechTrade / CzechInvest Israel