Formycon GmbH, the new Nanohale subsidiary, aims to achieve full-year revenues of EUR 2.5 million in 2012, of which some EUR 520,000 has already been realized in the first quarter.

Scil Technology has strong expertise in protein drug development, formulation and analytics, which is highly complementary to Nanohale´s existing protein formulation platform.

A total of 336,648 new shares with entitlement in profit participation retroactive to January 1, 2011, were placed at a price of EUR 7.00 per share, with gross proceeds to the company totalling EUR 2,356,536.00.

The additional capital should primarily serve to accelerate product development and international expansion as well as to enable a strategic acquisition.

Under the agreement, the bank 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.

With the establishment of this subsidiary, Nanohale Group will now have a Russian entity which will be able to effectively realize its further development plans as well as conduct production and marketing activities for both the Russian and the international markets.

As part of yesterday’s program of events celebrating 90 Years of Russian-German economic relations, Nanohale AG signed a preliminary agreement in the presence of dignitaries from both countries, marking another key milestone in the development of its technology partnerships in Russia.