Scinai Immunotherapeutics L. announced that its primary creditor, the European Investment Bank (EIB), is currently considering favorably adjusting the terms of the EIB's financial facility contract with the Company, in particular by extending the facility's maturity. Form formal feedback from the EIB management regarding a definitive amendment to the facility is anticipated as soon as November 2023. According to its website, the EIB is the lending arm of the European Union and is the biggest multilateral financial institution/economic development bank in the world, supporting projects that promote the priorities and objectives of the European Union.

While the EIB undertakes a thorough due diligence process when first extending a financial facility or considering an adjustment to the terms, it also considers the potential impact on the recipient and structures its financial facilities " with terms that match the economic life of each project which can sometimes exceed 30 years." In this way EIB provides innovative young companies not only with required resources but also sufficient time to achieve their business goals and, at the same time, the EIB's impact objectives. The EIB's "long-term approach also provides stability, which matters enormously to many early-stage companies dealing with new technologies." In this sense the EIB is quite different from typical commercial lenders and venture debt lenders who prioritize relatively rapid repayment. As the lending arm of the EuropeanUnion, the EIB's mission includes providing financing to support medical research and improve healthcare.

As announced on Aug. 10, 2022, terms of the outstanding EUR24 million financial facility currently includes maturity on Dec. 31, 2027 as well as royalty payments.

In September 2023, as part of the Company's strategic pivot, the Company rebranded as Scinai Immunotherapeutics. There is no guarantee that the EIB will approve the adjustment of the terms of the Eib's financial facility with the Company, including the delay of the facility's maturity.