Here's Why Pluristem Therapeutics Jumped Over 28% Today

Shares of Pluristem Therapeutics (NASDAQ: PSTI) rose as much as 28.3% today after the company announced it had secured non-dilutive financing from the European Investment Bank (EIB) to support the development of treatments for COVID-19. The stem cell developer is eligible to receive up to $54 million (50 million Euros) in funding in three tranches, with the first $21.5 million expected to be distributed before the end of April. 

Pluristem Therapeutics can receive the second and third installments by achieving certain clinical, regulatory, and manufacturing milestones. It won't have to begin repaying the loan until April 2025. 

As of 1:08 a.m. EDT, the small-cap stock had settled to a 22.9% gain.

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Source Fool.com