A method of promoting bone regeneration in a subject in need thereof is disclosed. The method comprising administering to the subject a therapeutically effective amount of Erythropoietin and Fibronectin, thereby promoting bone regeneration in the subject, (i) wherein the therapeutically effective amount of the Erythropoietin is selected from the group consisting of: about 1-50 mg/Kg for systemic administration; and about 0.1-50 mg/ml for local administration, and (ii) wherein the therapeutically effective amount of the Fibronectin is selected from the group consisting of: about 100-1000 mg/ml for systemic administration; and about 50-500 mg/ml for local administration.