Rusnano?s $26m St. Pete cancer and sclerosis drug effort announced

Rusnano?s $26m St. Pete cancer and sclerosis drug effort announcedRusnano, St. Petersburg?s Pharmsyntez and the U.S.? OPKO Pharmaceuticals are expected to jointly fund a Russian-based cancer and multiple sclerosis drug project.

Rusnano, Russia?s nanotech giant, has announced plans to invest as much as $26m in a Russian-based cancer and multiple sclerosis drug development and production project. Pharmsyntez, a St. Petersburg-based biotech company, and the U.S.? OPKO Pharmaceuticals are expected to co-fund the effort. Their contributions have yet to be specified. The endeavor is primarily aimed at commercializing an array of what Rusnano refers to as ?unique drugs? both in Russia and abroad. The investment is expected to help complete ongoing clinical trials of drug candidates developed by Pharmsyntez, set up shop, and bring the candidates to international markets. The drugs to be made under the project belong to the class of therapeutic immunobiological drugs and modified nucleosides. To manufacture the drugs, special technologies are reportedly used to immobilize enzymes on iron nanoparticles and encapsulate the active agents into nanodimensional fourth generation liposome molecules...