07 June 2010

RVC invests in biotechnological projects

On June 3, at a meeting of the investment committee of the Seed Investment Fund (FPI) of the Russian Venture Company (RVC), the issue of investments in the first two projects of the fund was considered. These projects are the first that the RVC Seed Investment Fund will invest since its launch at the end of last year.

The project of OncoMax LLC is the development of a drug for the treatment of kidney cancer. The drug has already passed the first tests on rats, and a new stage of preclinical testing is next in line – the so-called humanization. During it, the drug will be tested on human cells. It is for the continuation of preclinical tests that the funds of the seed fund (about 15 million rubles of investments, including funds from the RVC Foundation) will go. The drug should be several orders of magnitude cheaper than foreign analogues, which, if all tests are successful, will allow it to successfully compete with drugs from leading companies on the world market. The project is the winner of the "Zvorykin Project".

Obninsk Pharmaceutical Company LLC plans to attract about 30 million rubles from investors, also including funds from the RVC Foundation, to finance the Cardiomarker project – the development and production of test strips that allow for the diagnosis of myocardial infarction in 10-15 minutes. The strips allow you to determine the approach of a heart attack a few hours before the attack itself, at the first symptoms of malaise.

In both projects, the proportion of private and public investments in the capital of companies is 25% and 75%, respectively.

At the meeting, the members of the investment committee decided to approve the Fund's investments in these projects and, by the decision of the Committee, the Fund will submit transaction documents on the transaction and make investments.

The projects were presented by the venture partners of RVC FPI: OncoMax was prepared for consideration by the investment committee of RVC FPI by the venture partner Maxwell Asset Management, and Cardiomarker was prepared by the venture partner of Medbiopharm LLC. Both venture partners will be included in the capitals of the companies they represent.

Both projects provide for phased investments – tranches, carried out depending on the achievement of control points by projects and the fulfillment of the terms of the agreement. The first tranche can be received by the company as early as mid-June, after fulfilling a number of requirements of the investment committee and the legal formalization of agreements.

"RVC FPI already cooperates with 44 venture partners, half of which are regional companies. Today we have seen the first fruits of such cooperation. I hope that in the near future the portfolio of RVC's FPI will be significantly replenished with new innovative projects," said Alexey Teleshev, Director of the RVC Seed Investment Fund.

Igor Agamirzyan, CEO of the Russian Venture Company, in turn, added that contrary to expectations, he was pleased to see among the first projects of the RVC foundation not Internet startups, but biotechnological projects.

"Market participants are closely monitoring the activities of RVC itself, and the work of instruments with the company's participation. The Seed Investment Fund is a new mechanism, special attention is paid to it.

JSC "Russian Venture Company" – the State Fund of Funds and the Institute of Development of the Russian Federation, one of the key instruments of the state in building the national innovation system – was established in accordance with the Decree of the Government of the Russian Federation dated June 7, 2006 No. 838-R. The main objectives of RVC OJSC are to stimulate the creation of its own venture investment industry in Russia and a significant increase in the financial resources of venture funds. The company plays the role of the state fund of venture funds, through which state incentives for venture investments and financial support for the high-tech sector as a whole are carried out, as well as the role of the development institute responsible for the formation of the "ecosystem" of innovative and technological entrepreneurship. LLC "Seed Investment Fund of the Russian Venture Company" was created by JSC RVC together with the Fund for Assistance to the Development of Small Forms of Enterprises in the Scientific and Technical Sphere. The Fund is focused on investments in Russian innovative companies with high growth potential in the Russian and foreign innovation and technology markets. One of the main objectives of the fund is to significantly increase the number and quality of small technology businesses that subsequently apply for investments from venture investors and early-stage funds. The authorized capital of the Fund is 2 billion rubles.

The key task that the fund should solve in the very near future is to show all market participants the efficiency of the venture business model, the availability of investments for technology entrepreneurs. There were no such tools in Russia, the venture business in the country is just taking its first steps. RVC FPI is now working very closely with venture partners, providing expert support and assistance in structuring transactions, combining this activity with careful selection of projects and their expertise," commented Andrey Vvedensky, Director of the RVC Programs and Projects Department, on the activities of the RVC Seed Investment Fund.

Portal "Eternal youth" http://vechnayamolodost.ru according to the materials of the press service of JSC "RVC".


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