Renova buys into US anti-cancer drug developer

According to Russian business daily Vedomosti (8 November 2012), a company linked to Renova Group, majority owned by Victor Vekselberg, has acquired approximately 4 per cent of Novelos Therapeutics for USD 2 million in a private placement, to be transferred subsequently to an investment fund created by a group that will invest in biomedical projects. Renova also received the right to increase its interest to 10 per cent.  US-based Novelos Therapeutics develops novel drugs for the treatment and diagnosis of cancer.

Novelos plans to spend the proceeds on the construction of an in-house clinical stage manufacturing facility for its drugs, to be completed wihhin a year and at a cost of approximately USD 3 million.

According to the Minister of Health Veronika Skvortsova, cancer was the cause of 14.4 per cent of deaths in 2010.

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