Date: 2014-02-19
Type of information: Collaboration agreement
Compound:
Company: Human Stem Cells Institute (Russia) RVC Biofund (Russia)
Therapeutic area: Regenerative medicine
Type agreement: collaboration
Action mechanism:
Disease:
Details: * On February 19, 2014, the Human Stem Cells Institute, one of Russia’s leading biotech companies specializing in cell-based, gene and post-genome technologies, has announced the signing of an investment agreement with RVC Biofund. The agreement was signed in Moscow on 17 February 2014 with the aim of implementing a project to create in Russia a network of Genetico medical centers for the development of personalized medicine. This project also entails the development of services based on a reproductive cell and tissue bank (personal storage and donation). The project is being implemented through a subsidiary of HSCI – the Regenerative and Genetic Medical Center of the Human Stem Cells Institute (RGMC LLC) – in which RVC Biofund will become a participant. According to the provisions of the agreement, the parties intend to jointly invest in the business of this company in order to achieve the key financial indicators set for the project.
The investment agreement signed by HSCI and RVC Biofund will take effect once the relevant corporate approval procedures have been completed in accordance with existing laws. For the purpose of approving this transaction, on 5 February 2014 the Board of Directors of HSCI called for the convening of an Extraordinary General Shareholders’ Meeting (EGSM) via absentee voting, with 27 March 2014 being the final day for submission of voting bulletins.
Financial terms: The total volume of project financing over the course of the first two years will be 179.2 million rubles. The share of financing provided by HSCI will be 76.2 million rubles. These figures do not include nonmonetary contributions to the project company by HSCI. The nonmonetary assets are to be transferred by HSCI to the project company on the basis of a report by an independent appraiser, and information about the size of the contribution will be disclosed as stipulated by law.
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