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First Russian Biotech IPO is Coming in Fall 2009

Files under: News
Posted by: Quintura @ 10:42 [25. 08. 09]

It looks like the IPO market in Russia is not completely frozen. The Russian biotechnology company, Human Stem Cell Institute or HSCI (in Russian: Институт Стволовых Клеток Человека) is planning a $5 million (150 million Rubles) IPO on the Innovation and Growth Companies Sector of MICEX Stock Exchange, the company announced at a press conference today.

The company plans to offer 15% to 25% of its shares to investors in fall 2009.

HSCI, which holds a half of Russian stem cell bank market, plans to invest $8.8 million into regional expansion, laboratory upgrade and clinical trials of biotechnology drugs in 2010-2012, of which $4.0 million is to be financed from own funds and $4.8 million is expected to come from IPO proceeds.

Founded in 2003, Human Stem Cell Institute (HSCI) operates a leading Russian stem cell bank, Gemabank and cell technology laboratory in Moscow as well as biotechnology laboratory Simbiotec in Germany. HSCI also has offices in St. Petersburg and Ukraine.

The company, which reported revenues of more than $3 million and net income of $0.2 million in 2008, is owned by its managers: Artur Isaev, Andrey Isaev, Alexander Prikhodko and First International Investment Group.

The HSCI share offering will be managed by one of MICEX Stock Exchange’s leading share market operators, ALOR Invest.

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