Dortmund – Nanohale Group, a German biotechnology company, has announced the signing of a letter of agreement with Vnesheconombank Group, the Russian state development bank, covering the financing of commercial development projects as the company establishes itself in Skolkovo, the new technology and industrial center regarded by many as Russia’s up-and-coming "Silicon Valley". Under the agreement, the bank, which has the charter to aid in modernizing and boosting the competitiveness of the Russian economy, is to provide financial backing in an amount well into the tens of millions of euros for between three and five development projects to be managed by RusNanohale, the Russian subsidiary of Nanohale Group. The financing package, which will be disbursed in several tranches over a period of four years, will enable the company to push forward with its ambitious plans for the development of innovative new pharmaceuticals. A portion of the development activities will be conducted in Germany.

"We are extremely pleased to have completed this key interim step toward securing the needed financing for our development plans in Russia. We are confident now that we will be able to proceed to signing a financing commitment before the end of this year so that we can commence our operational activities in Russia," said Dr. Friedrich Wilhelm Steinweg, CEO of Nanohale AG.

In addition, Nanohale Group recently signed a research and development cooperation agreement with the Russian Academy of Sciences, one of the world’s most renowned scientific institutions, as well as with Orchemed, an organization for pharmaceutical development affiliated with the Academy. Its aim is to encourage the active exchange of information on scientific trends and R&D breakthroughs and to facilitate project partnerships. "This cooperation strongly underscores our long-term commitment to the Russian market and will provide a significant boost to our product strategy and to the innovations which drive it," added Dr. Steinweg.