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11.12.2009

Russia’s Human Stem Cell Institute raises 143.5 mln rbl in IPO

Russian biotechnology company Human Stem Cell Institute (HSCI) has sold 20% of its shares in an initial public offering (IPO), raising 143.5 million rubles, the Moscow Interbank Currency Exchange (MICEX) said Thursday.

HSCI sold 15 million additional shares at 9.5 rubles per share on the MICEX’s sector for innovation and growth companies.

Before the IPO, HSCI’s CEO Artur Isayev held a 95.1% stake in the company, according to its Web site.

State-owned Russian Nanotechnology Corporation (Rusnano) plans to invest its own funds in HSCI in the future, Rusnano CEO Anatoly Chubais said Thursday.

HSCI, founded in 2003, has laboratories and offices in Moscow, St. Petersburg, Ukraine, and Germany. It specializes in the creation and storage of stem cells as well as in research to create new medicine using stem cells.

HSCI plans to spend about 51 million rubles before 2012 on expansion into the countries of the Commonwealth of Independent States and 32 million rubles on expansion into Russian regions. The company’s spending on research and marketing of three medicines is estimated at about 45 million rubles. HSCI also plans to invest over 15 million rubles in an upgrade of a laboratory and 144 million rubles in building facilities for production of medicine.

(30.7562 rubles – U.S. $1)


Source:  www.prime-tass.com

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