NovaMedica, Pharmsynthez to create integrated drug production

Russian drug companies NovaMedica and Pharmsynthez have launched a joint project to make a number of effective drugs available to Russian patients within 1.5-2 years. Integrated local production of these drugs will be set up in Russia, RUSNANO informed.

These drugs are intended for therapeutic areas (anesthesiology, gastroenterology) and are designed for both in-patient treatment and the commercial market.

JSC RUSNANO was established in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. Its mission is to pursue the state policy in the sphere of nanotechnologies co-investing in nanotechnology projects with a promising economic or social outlook. The company's priorities are: optoelectronics, nanoelectronics, mechanical engineering, metal working, solar power, healthcare, biotechnologies, energy-efficient solutions and nanostructured materials.

The company's authorized capital is RUB 53.742 billion. It consists of 53,741,700,000 common shares with a face value of 1 ruble. The Russian Federation holds 100% of RUSNANO shares.

According to AK&M Information Agency's DataCapital information retrieval system, RAS net profit of JSC RUSNANO for 9 months 2018 was RUB 2 billion. Revenue for the accounting period was RUB 14.2 billion, gross profit amounted to RUB 5.5 billion. It should be noted that RUSNANO's RAS net loss for the 9-month period in 2017 decreased twice year-on-year to RUB 5.97 billion. Revenue was RUB 18.8 billion growing almost 3 times year-on-year. Incomes from investments reached RUB 9 billion. In January-September 2018, the company's cumulative operating expenses decreased to RUB 3.1 billion, due to a reduction in administrative expenses by more than 22% to RUB 2.7 billion, among other things. Earnings from investments totaled RUB 11.4 billion against RUB 9 billion for the same period in 2017 due to the disposal of equity stakes in RUSNANO's portfolio companies and the distribution of incomes from foreign projects. In the reporting period, the company spent RUB 20.5 billion on loan servicing, which is RUB 2.4 billion above the 9-month period in 2017. The company paid RUB 6.1 billion before maturity for the 9-month period.

IFRS net profit of JSC RUSNANO for 2018 reached RUB 5.6 billion. Earnings from the investment portfolio increased by 17% against the 2017 level to reach RUB 19 billion.

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