Central regions | Finance, business | Technology & innovation
Russia further funds domestic chips for cancer diagnostics
8 Jul '14
The RVC Biofund, a portfolio fund of Russia’s RVC, and its partner Russ-Invest have decided to extend the financing of Semiotic, a Russian innovation company developing microchips for blood and donor plasma tests, the RVC website announced.
In this second investment round, Semiotic is receiving about $4.2m, RVC said.
Over the next 12 months, the biotech company is hoping to complete the development of its inaugural commercial version of the chip and set up shop on the premises of the Moskva Technopolis in Moscow. The first production run is slated for the first quarter of 2015 already.
The flagship version of the microchip is expected to help pinpoint ten different pathogens simultaneously and diagnose cancers based on a method that determines tumor-specific antibodies to two major types of tumors.
The first batch of the chips will be delivered to the biomedicine department of the University of Basel’s hospital in Switzerland to study ovary cancer, and also to GlycoTech, a supplier of reagents and glycobiological research materials in the United States.