For anyone that missed this link to a huge waste of money by the NIH, I am posting it again.
http://copdnewsoftheday.com/?p=2224
The following article made me sad when I read it because the amount of money is not that much as compared to what we dole out for nonsense. I propose that the NIH cancel the 10 year old waste of money experiment they are funding (see link above) and send it to Russia instead. At least they are going in the right direction.
MOSCOW (Reuters) - Russia's Stem Cell Institute is seeking to attract some 150 million roubles ($4.75 million) from investors in what would be the country's first initial public offering in more than a year, the firm's head said on Tuesday.
The news comes as Russia's economy is showing early signs of starting to recovering from recession while some of its larger companies again begin to attract funding on domestic and international markets.
The Stem Cell Institute, which has been valued at 500 million roubles, plans to place 25 percent of its capital in mid-November on the innovation and developing companies sector of Russia's MICEX exchange.
"We are counting on fairly major investors. Now there is a big number of well-to-do people who are looking for direction for their investments," said Maxim Dryomin, corporate finance director at Alor Group, which is organizing the placement.
The institute, which was founded in 2003, has its own bank of stem cells and develops its own medicines. Cash raised from the IPO will be spent on new projects in Russia and the CIS, and on the development of new products.
Artur Isayev, the company's general director and main shareholder, told Reuters he expects profits will rise 30-40 percent a year and sales at a similar pace.
Globally the institute has two competitors -- Cryo-Cell International (CCEL.OB) and Cryo-Save Group (CRYG.L) -- but neither develops medicines, he said.
Investors who look beyond Russia's main stock market and private equity investors remain keen on technology companies which often capitalize on Soviet-era scientific prowess.
The Russian government is also keen to diversify the economy from natural resources, the collapse in prices for which in the second half of 2008 helped push the country into recession.
Last summer, Russian fertilizer company Acron (AKRN.MM) postponed a London float, opting instead for a placement of Global Depository Receipts (GDRs).
Since then, state rail monopoly Russian Railways said its IPO will be delayed until at least 2011, and iron ore and steel firm Metalloinvest and Russian billionaire Oleg Deripaska's Strikeforce Mining and Resources scrapped placement plans.
(Reporting by Olga Popova, Writing by Toni Vorobyova; editing by John Stonestreet)
http://copdnewsoftheday.com/?p=2224
The following article made me sad when I read it because the amount of money is not that much as compared to what we dole out for nonsense. I propose that the NIH cancel the 10 year old waste of money experiment they are funding (see link above) and send it to Russia instead. At least they are going in the right direction.
MOSCOW (Reuters) - Russia's Stem Cell Institute is seeking to attract some 150 million roubles ($4.75 million) from investors in what would be the country's first initial public offering in more than a year, the firm's head said on Tuesday.
The news comes as Russia's economy is showing early signs of starting to recovering from recession while some of its larger companies again begin to attract funding on domestic and international markets.
The Stem Cell Institute, which has been valued at 500 million roubles, plans to place 25 percent of its capital in mid-November on the innovation and developing companies sector of Russia's MICEX exchange.
"We are counting on fairly major investors. Now there is a big number of well-to-do people who are looking for direction for their investments," said Maxim Dryomin, corporate finance director at Alor Group, which is organizing the placement.
The institute, which was founded in 2003, has its own bank of stem cells and develops its own medicines. Cash raised from the IPO will be spent on new projects in Russia and the CIS, and on the development of new products.
Artur Isayev, the company's general director and main shareholder, told Reuters he expects profits will rise 30-40 percent a year and sales at a similar pace.
Globally the institute has two competitors -- Cryo-Cell International (CCEL.OB) and Cryo-Save Group (CRYG.L) -- but neither develops medicines, he said.
Investors who look beyond Russia's main stock market and private equity investors remain keen on technology companies which often capitalize on Soviet-era scientific prowess.
The Russian government is also keen to diversify the economy from natural resources, the collapse in prices for which in the second half of 2008 helped push the country into recession.
Last summer, Russian fertilizer company Acron (AKRN.MM) postponed a London float, opting instead for a placement of Global Depository Receipts (GDRs).
Since then, state rail monopoly Russian Railways said its IPO will be delayed until at least 2011, and iron ore and steel firm Metalloinvest and Russian billionaire Oleg Deripaska's Strikeforce Mining and Resources scrapped placement plans.
(Reporting by Olga Popova, Writing by Toni Vorobyova; editing by John Stonestreet)