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Posted: April 8, 2009
New Russian Joint Venture for Nanotechnology Supported Radiotherapy of Cancer
(Nanowerk News) IBt Bebig announces the successful conclusion of the negotiations on the creation of a Russian joint venture. The agreement related to the formation of “NanoBrachyTech”, a Russian company based in Moscow, was signed today by the three parties involved.
The new company will focus on innovative technologies for the treatment of cancer by brachytherapy in the Russian Federation. The first projects of the joint venture will encompass (1) the acquisition and/or development of the technologies related to radioactive nanosources, and (2) the launch of an R&D program related to the usage of brachytherapy for the treatment of liver cancer.
“This joint venture represents a very important step in our strategic development of the brachytherapy technique, both in terms of geographical market coverage and in extending the type of pathologies that can be treated by brachytherapy” stated Mr.François Blondel, CEO of IBt Bebig. ”It is also the clear recognition by the Russian Federation of the leadership role that IBt Bebig plays in this specific market segment of the cancer treatment” he added.
IBt is holding a 15% equity stake in the joint venture in return for its contribution in kind, committing to provide access to its technology, know-how and intellectual property portfolio. “The next step is the expected signature of a global “Investment Agreement” that will serve as the framework for the future technology transfers between IBt Bebig and NanoBrachyTech. We expect these agreements to generate significant revenues for the group, starting already in 2009“, he concluded.
About the three partners
(1) Rusnanotech, or the “Russian Corporation of Nanotechnologies”, is a State Fund corporation with a budget of 5 Bio $. Rusnanotech selects promising spheres for investment based on long-term forecast developed by leading Russian and world experts. It supports only the most competitive projects. It co-invests in nanotechnology projects that have high potential for commercial or social benefit. The Corporation organizes the scientific, technical and investment due diligence. It takes part in long-term investment projects and provides maximum administrative support to its investees.
It is the main partner in the joint venture. It will provide funding together with production equipments.
(2) Santis Ltd is a Russian private company that has, over the last few years, together with its affiliates, succeeded in developing significantly the Russian market for usage of radioactive sources.
(3) About IBt Bebig. The core business of the IBt Bebig group is cancer treatment. Its specificity is the cancer treatment by the brachytherapy technique, whether achieved through permanent implants or temporary brachytherapy. The IBt Bebig group currently has entities located in Germany, France, the UK, Spain, Italy and India. The Headquarters are based in Seneffe, Belgium.