The First Disbursement
It has been officially announced that the Institute of Human Stem Cells (IHSC) becomes a shareholder of American Biotechnology Company Artgen, Inc., promoting to the US and Canada market a drug for treatment of ischaemia Neovasculgen, developed by Russian researchers. In that respect IHSC sponsored the American biotechnological company, by making the first advanced payment for investment with resulting Artgen, Inc. share to be 32%. The parties have signed licensing and investment agreements which enable IHSC to take an active part in management of the above project, which is quite important for the institute. The agreement also suggests involvement of American partners of financing, required to obtain FDA approval for clinical tests and their start.
The IHSC partner and Artgen which according to the project performs assessment according to private-public partnership BioHealth Innovation Inc. (Maryland) performs assessment, selection and ensures promotion of commercially significant biotechnological projects. Within three years from the start of the project it is planned to organize contract manufacture in the territory of the USA, perform clinical studies, obtain approval for the start of phase 1 clinical trials and complete it.
According to Arthur Isayev, the General Director of IHSC the share of Artgen is considered to be a precious financial asset, its cost will be growing as the key stages of the project progress.