ST. PETERSBURG, June 7. /TASS/. The board of directors of Pharmsyntez PJSC has greenlighted a loan to AO Vaktsiny (its subsidiary) from the Russian Foundation for Technological Development for developing and setting up the production of a dry culture medium for the Sputnik V vaccine and the HFB30132A monoclonal antibody against the SARS-CoV-2 virus.
“An approval of a major deal <…> the creditor: the Federal State Autonomous Institution Russian Foundation for Technological Development; and the borrower: AO “Vaktsiny” <…> The subject of the transaction: The foundation is transferring to the borrower the monetary amount of 2 billion rubles (over $27 mln — TASS) for the purpose of bankrolling the work of the project on the development and organization of a full cycle of industrial production of a dry culture medium for culturing producer cells of the Sputnik V vaccine and the human genetically engineered neutralizing antibody against SARS-Cov-2,” the company materials published on the website disclosing its corporate information revealed.
As the company explained to TASS, Russia does not yet have its own production of culture media for vaccines. The project is planned to be implemented by 2024.
Pharmsyntez PJSC (St. Petersburg) develops and produces its own pharmaceutical substances and medications, as well as those on a contractual basis. Its production facilities are located in the Leningrad Region. Pharmsyntez PJSC is the head company of a holding with key assets, including Xenetic Bioscience Inc.