Pluristem Therapeutics rises on disbursement offer from European bank

Pluri

25/05/2021 13:27

** U.S. shares of Israel-based regenerative medicine co
 PSTI.O  up 7% at $4.07 premarket
    ** Co to receive a "disbursement offer" of 20 mln euros
($24.52 mln) from the European Investment Bank (EIB)  urn:newsml:reuters.com:*:nGNX843Mv
    ** The disbursement, the first of three tranches of funding,
reflects Pluristem has achieved a key milestone in a previously
announced 50 mln euros non-dilutive financing agreement
    ** PSTI expects to receive the first tranche of funds in
June
    ** First tranche of funds to support research and
development in the European Union to advance its proprietary
regenerative cell therapy platform
    ** The first tranche payment will not be secured and will be
payable to the EIB in a single payment five years after the
disbursement, with an interest rate of 4%
    ** PSTI to have cash balance of >$90 mln post receipt of 20
mln euros
    ** Stock down 46.3% YTD

($1 = 0.8155 euros)

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))