Pluristem Stock is Trading Higher After €20M Non-Dilutive Funding from European Investment Bank

Pluristem Therapeutics Inc (NASDAQ: PSTI) has received €20 million (approximately $24 million) from the European Investment Bank (EIB), the first disbursement of three tranches of funding.
The disbursement reflects that Pluristem has achieved a key milestone in a previously announced €50 million non-dilutive financing agreement.
Under the EIB agreement, Pluristem expects to receive the first tranche of funds during June 2021.
The proceeds of the first tranche will support R&D in Europe to advance Pluristem's proprietary regenerative cell therapy platform.
The first tranche of €20 million will be unsecured and payable to the EIB in a single payment five years after the disbursement, with an interest rate of 4%.
Following the receipt of the €20 million tranche, Pluristem will have a cash balance of more than $90 million.
Price Action: PSTI shares are up 6.58% at $4.05 during the premarket session on the last check Tuesday.